The following trial balance was taken from the books of Coyote Company as of December 31, 2019.

Account Debit Credit

Cash $60,000

Accounts receivable 50,000

Allowance for doubtful accounts $ 1,000

Short-Term notes receivable 20,000

Inventory, January 1, 2019 70,000

Furniture and equipment 210,000

Accumulated depreciation of F & E 40,000

Patents 100,000

Accounts payable 22,000

Bonds payable 20,000

L-T notes payable 15,000

Common stock 290,000

Retained earnings 87,000

Dividends 20,000

Prior period adjustments 10,000

Sales 700,000

Sales returns & allowance 40,000

Sales discount 10,000

Rent revenues 60,000

Interest revenues 10,000

Purchase 420,000

Purchase returns & allowance 20,000

Selling expenses 60,000

Advertising expense 30,000

Supplies expense 6,000

Insurance expense 24,000

Wage and Salary expense 90,000

Rent expense 60,000

Loss on sale of PS store before tax 10,000

Operating income from PS store before tax 25,000

Totals 1,290,000 1,290,000

At the year-end, the following items have not been recorded.

1. Insurance premium expired during the year, $14,000.
2. Estimated bad debts expense, 1.0% of net sales.
3. Inventory as of 12/31/2019 turned out to be $50,000.
4. Office supplies were purchased for $6,000 and charged to supplies expenses then. There are $2,000 of supplies remaining as of 12/31/2019
5. Six months rent of $60,000 was paid in advance on September 1, 2019, and charged to rent expense then.
6. Furniture and equipment have an average useful life of 5 years and a salvage value of $10,000. Coyote Company uses the straight-line method of depreciation.
7. Patents have been amortized by $10,000/year.
8. The utility bill of $2,000 for the month of December 2019 will be paid on its due date, January 10, 2020.
9. Salaries earned but not yet paid by December 31, 2019, $8,000.
10. The tax rate is 30%.

Instructions: Prepare the following:

1. Any necessary adjusting entries at the end of 2019.
2. Income Statement and statement of retained earnings, and balance sheet of the company for the year 2019 in good forms (i.e. multiple-steps statements)
3. Any necessary closing entries at the end of 2019.