The following information is also relevant 1 The closing inventory at 31,12.20 was $20,000 2 Rent of $1,000 wos prepold 3 Woges and salaries of $10,000 were owed to statf 4 Depreciation on vehicles was charged at 25% per year using the decling balance method 5 Depreciation on Equipment was charged using Straight Line depreciation Useful ife was 5 years and an estimated scrap value of $40,000 6 There were bad debts to whitten off of $10.000 7 You have been fold by the attorney Grobbit that Tortoise have filed for bonkuplcy, they curtenlly owe Ant $5,000 You ore required to: I show joumal entries for notes 2.3.4.5,6,7 2 Drow up Arts income statement 3 Drow up Art's balance sheet