The following trial balance before adjustments is for Snowcrest Ltd. on December 31, 2020 Debits Credits $ 10,100 24,000 2,000 3,000 56,000 Cash Inventory Advances to employees Supplies Equipment Accumulated depreciation, equipment Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Repairs and maintenance expense Rent expense Miscellaneous expenses Dividends declared Totals 4,000 6,000 20,000 40,000 9,000 230,000 130,000 34,000 25,000 6,600 14,900 3,400 $309,000 $309,000 Data for adjusting entries 1. As at December 31, 2020, 80% of the wages that had been paid in advance to the salespeople had been earned 2. A count of the supplies at year end revealed that $600 of supplies were still on hand 3. Depreciation on the equipment for 2020 was $1,000 4. The unearned revenue was advance receipts for future deliveries of goods. By December 31, 2020, two-thirds of these deliveries had been made. 5. The bank loan was a six-month loan taken out on October 1, 2020. The interest rate on the loan is 9%, but the interest is not due to be paid until the note is repaid on April 1, 2021. 6. Wages owed at year end and not yet recorded were $500 7. The rent expense figure includes $550 paid in advance for January 2021 8. Income tax for the year should be calculated using a tax rate of 25%. (Hint: After you finish the other adjusting entries, determine the income before income tax and then calculate the tax as 25% of this amount.)