The following unadjusted trail balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner s capital account was $53,660, and the owner invested $35,000 cash in the company during the fiscal year.

1. Using information form the completed 10-column work sheet in part 1, journalize the adjusting entries and closing entries.
2. Prepare the income statement and the statement of owners equity for the year ended June 30 and the classified balance sheet at June 30, 2017.

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