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 owner's capital account was $58,000, and the owner invested $23,000 cash in the company during the 2017 fiscal year. Credit $ 15,500 8,500 5,000 138, 770 $ 27,500 6,200 ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No. Account Title 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 23,000 81,000 29,500 133,000 49,000 2,530 11,000 5,000 2,400 3,500 $ 270,790 $270,700 Adjustments: a. The supplies available at the end of fiscal year 2017 had a cost of $3,060. b. The cost of expired insurance for the fiscal year is $3,150. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $530 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $530 amount owed needs to be recorded. e. The company's employees have earned $1,200 of accrued 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 $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. 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 $230 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. 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. 3b. Prepare the statement of owner's equity for the year ended June 30. 3c. Prepare the classified balance sheet at June 30, 2017. Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 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 owner $58000, and the owner invested $23000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. Balance Sheet and Statement of Owner's Equity Dr. Cr. Balance Dr. Cr. $ 15,500 8,500 5,000 138,770 27,500 6,200 No. Account Title 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 220 Current portion of Long-term notes 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 5,000 18,000 81,000 5,000 18,000 29,500 133,000 49,000 2,530 11,000 5,000 2,400 3,500 $ 270,700 $ 270,700 S 0S 0S 23,000 Totals S 0S 0S 0S 0 Required 1 Required 2A Required 28 Required 3A Required 38 Required 30 Prepare the adjusting entries (all dated June 30, 2017). View transaction list Journal entry worksheet 2 3 4 5 6 7 8 The supplies available at the end of fiscal year 2017 had a cost of $3,060. Note: Enter debits before credits. Transation General Journal Debit Credit 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, 2017). View transaction list Journal entry worksheet 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, 2017. ACE CONSTRUCTION CO. Income Statement For Year Ended June 30, 2017 Revenues: Expenses: Total expenses 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, 2017. The June 30, 2016, credit balance of the owner's capital account was $58,000, and the owner invested $23,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2017 V. Ace, Capital, June 30, 2016 V. Ace, Capital, June 30, 2017 Required 1 Required 2A Required 2B Required 3A Required 3B Required 30 Prepare the classified balance sheet at June 30, 2017. ACE CONSTRUCTION CO. Balance Sheet June 30, 2017