The following unadjusted trial balance is for Ace Construction Co as of the end of its 2017 fiscal year The June 30, 2016, credit balance of the owners capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year ACE CONSTRUCTION CO Unadjusted Trial Balance June 30, 2017 No Account Title Debit Credit 101 Cash $ 18,500 126 Supplies 9,900 128 Prepaid insurance 7,200 167 Equipment 132,000 168 Accumulated depreciationEquipment $ 26,250 201 Accounts payable 6,800 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long term notes payable 25,000 301 V Ace, Capital 88,660 302 V Ace, Withdrawals 33,000 401 Construction fees earned 132,100 612 Depreciation expenseEquipment 0 623 Wages expense 46,860 633 Interest expense 2,750 637 Insurance expense 0 640 Rent expense 12,000 652 Supplies expense 0 683 Property taxes expense 7,800 684 Repairs expense 2,910 690 Utilities expense 5,890 Totals $ 278,810 $ 278,810 Adjustments The supplies available at the end of fiscal year 2017 had a cost of $3,300 The cost of expired insurance for the fiscal year is $3,800 Annual depreciation on equipment is $8,400 The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared The $650 amount owed needs to be recorded The companys employees have earned $1,800 of accrued wages at fiscal year end The rent expense incurred and not yet paid or recorded at fiscal year end is $500 Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts The long term note payable bears interest at 12 per year The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year The $250 accrued interest for June has not yet been paid or recorded (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year ) Required 1 Prepare a 10 column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts The June 30, 2016, credit balance of the owners capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year 2a Prepare the adjusting entries (all dated June 30, 2017) 2b Prepare the closing entries (all dated June 30, 2017) 3a Prepare the income statement for the year ended June 30, 2017 3b Prepare the statement of owner's equity for the year ended June 30, 2017 3c Prepare the classified balance sheet at June 30, 2017

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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance

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

ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017
No.	Account Title	Debit	Credit
101	Cash	$	18,500
126	Supplies		9,900
128	Prepaid insurance		7,200
167	Equipment		132,000
168	Accumulated depreciationEquipment			$	26,250
201	Accounts payable				6,800
203	Interest payable				0
208	Rent payable				0
210	Wages payable				0
213	Property taxes payable				0
251	Long-term notes payable				25,000
301	V. Ace, Capital				88,660
302	V. Ace, Withdrawals		33,000
401	Construction fees earned				132,100
612	Depreciation expenseEquipment		0
623	Wages expense		46,860
633	Interest expense		2,750
637	Insurance expense		0
640	Rent expense		12,000
652	Supplies expense		0
683	Property taxes expense		7,800
684	Repairs expense		2,910
690	Utilities expense		5,890
	Totals	$	278,810	$	278,810

Adjustments:

The supplies available at the end of fiscal year 2017 had a cost of $3,300.
The cost of expired insurance for the fiscal year is $3,800.
Annual depreciation on equipment is $8,400.
The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded.
The companys employees have earned $1,800 of accrued wages at fiscal year-end.
The rent expense incurred and not yet paid or recorded at fiscal year-end is $500.
Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts.
The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $250 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year.)

Required: 1.Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2016, credit balance of the owners capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year. 2a.Prepare the adjusting entries (all dated June 30, 2017). 2b.Prepare the closing entries (all dated June 30, 2017). 3a. Prepare the income statement for the year ended June 30, 2017. 3b.Prepare the statement of owner's equity for the year ended June 30, 2017. 3c.Prepare the classified balance sheet at June 30, 2017.