The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $57,700, and the owner invested $29,000 cash in the company during the 2019 fiscal year. Credit $ 29,000 6,600 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 NO. Account Title Debit 101 Cash $ 17,000 126 Supplies 9,500 128 Prepaid insurance 5,500 167 Equipment 163,520 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 29,000 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 45,000 633 Interest expense 3,080 637 Insurance expense 0 640 Rent expense 15,000 652 Supplies expense 683 Property taxes expense 4,900 684 Repairs expense 2,300 690 Utilities expense 3,500 Totals $298,300 28,000 86,700 148,000 $ 298,300 Adjustments: a. The supplies available at the end of fiscal year 2019 had a cost of $3,420. b. The cost of expired insurance for the fiscal year is $3,465. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $570 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $570 amount owed needs to be recorded. e. The company's employees have earned $1,100 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $400. g. Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $280 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2018, credit balance of the owner's capital account was $57,700, and the owner invested $29,000 cash in the company during the 2019 fiscal year. 2a. Prepare the adjusting entries. (all dated June 30, 2019). 2b. Prepare the closing entries. (all dated June 30, 2019): 3a. Prepare the income statement for the year ended June 30, 2019. 3b. Prepare the statement of owner's equity for the year ended June 30, 2019. 3c. Prepare the classified balance sheet at June 30, 2019. Required 1 Required 2A Required 28 Required 3A Required 3B Required 3C Prepare a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on the additional facts. The June 30, 2018, credit balance of the owner's capital account was $57,700, and the owner invested $29,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2019 Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. Balance Sheet and Statement of Owner's Equity Dr. Cr. No. Account Title $ Unadjusted Trial Balance Dr. Cr. 17,000 9,500 5,500 163,520 29,000 6.600 28,000 86,700 29,000 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital | 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals Net Income Totals 148,000 45,000 3,080 15,000 4,900 2,300 3,500 $ 298,300 S 298,300 $ 0S 0S 0 $ 0 0 0 0 OS 0 % 0 % 0 Required 1 Required 2A > Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the adjusting entries (all dated June 30, 2019). View transaction list Journal entry worksheet 3 4 5 6 7 8 The supplies available at the end of fiscal year 2019 had a cost of $3,420. Note: Enter debits before credits. General Journal Debit Credit Transaction a. Record entry Clear entry View general journal Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 Prepare the closing entries (all dated June 30, 2019). View transaction list Journal entry worksheet 2 3 4 Record the entry to close revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit June 30, 2019 Record entry Clear entry View general journal Required 2A Required 3A > Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 Prepare the income statement for the year ended June 30, 2019. ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2019 Revenues: Expenses: Total expenses Required 2B Required 3B > Required 1 Required 2A Required 2B Required 3A | Required 3B Required 30 Prepare the statement of owner's equity for the year ended June 30, 2019. The June 30, 2018, credit balance of the owner's capital account was $57,700, and the owner invested $29,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 V. Ace, Capital, June 30, 2018 V. Ace, Capital, June 30, 2019 Required 3A Required 3C > Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Required 3A Required 3B Required 3C Prepare the classified balance sheet at June 30, 2019. ACE CONSTRUCTION CO. Balance Sheet June 30, 2019 $ 0