The following trial balance was extracted from the books of Trask Corporation at June 30, the end of the company's fiscal year. The company is owned by Conrad Fuller and is in the business of buying and selling sundry household items. Trask Corporation The following additional information is available at June 30,2011 : a) Store supplies on hand at June 30,2011 amounted to $33,000 b) Insurance of $54,000 was paid on June 1, 2011 for the 3-months to August 31, 2011. c) The furniture and fixtures has an estimated useful life of 8 years and is being depreciated on the straight-line method down to a residual value of $80,000. d) The computer equipment was acquired on December 1,2010 and is being depreciated over 5 years on the double-declining method of depreciation, down to a residue of $50,000. e) Wages earned by employees not yet paid amounted to $12,000 at June 30,2011 . f) Accrued interest expense, \$3,500 g) A physical count of inventory at June 30,2011 , reveals $188,000 worth of inventory on hand. h) At June 30,2011,$47,000 of the previously unearned sales revenue had been earned. i) The aging of the Accounts Receivable schedule at June 30th,2011 indicated that the estimated uncollectible on account receivable is $14,500. Other data: j) $87,000 of the notes payable is due for payment on March 31,2012. Required: i) Identify the inventory system used by the business. How can you tell? ii) Prepare the necessary adjusting journal entries on June 30, 2011. iii) Prepare Trask's multiple-step Income Statement Statement of Owner's Equity for the year ended June 30,20 1and a Classified Balance Sheet, in report form at, as at that date. The following trial balance was extracted from the books of Trask Corporation at June 30, the end of the company's fiscal year. The company is owned by Conrad Fuller and is in the business of buying and selling sundry household items. Trask Corporation The following additional information is available at June 30,2011 : a) Store supplies on hand at June 30,2011 amounted to $33,000 b) Insurance of $54,000 was paid on June 1, 2011 for the 3-months to August 31, 2011. c) The furniture and fixtures has an estimated useful life of 8 years and is being depreciated on the straight-line method down to a residual value of $80,000. d) The computer equipment was acquired on December 1,2010 and is being depreciated over 5 years on the double-declining method of depreciation, down to a residue of $50,000. e) Wages earned by employees not yet paid amounted to $12,000 at June 30,2011 . f) Accrued interest expense, \$3,500 g) A physical count of inventory at June 30,2011 , reveals $188,000 worth of inventory on hand. h) At June 30,2011,$47,000 of the previously unearned sales revenue had been earned. i) The aging of the Accounts Receivable schedule at June 30th,2011 indicated that the estimated uncollectible on account receivable is $14,500. Other data: j) $87,000 of the notes payable is due for payment on March 31,2012. Required: i) Identify the inventory system used by the business. How can you tell? ii) Prepare the necessary adjusting journal entries on June 30, 2011. iii) Prepare Trask's multiple-step Income Statement Statement of Owner's Equity for the year ended June 30,20 1and a Classified Balance Sheet, in report form at, as at that date