The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $57,600 on June 30 of the prior year, and the owner invested $21,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 168 201 Equipment Accumulated depreciation-Equipment Accounts payable Debit $ 19,000 8,000 Credit 5,500 137,640 $ 24,000 5,800 203 Interest payable 208 Rent payable 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 26,000 301 V. Ace, Capital 78,600 302 V. Ace, Withdrawals 29,000 403 Construction revenue 137,000 612 Depreciation expense-Equipment 0 623 Wages expense 47,000 633 Interest expense 2,860 637 Insurance expense 640 Rent expense 12,000 652 Supplies expense 683 Property taxes expense 4,400 684 Repairs expense 2,800 690 Utilities expense 3,200 Totals $ 271,400 $ 271,400 Adjustments: a. Supplies available at the end of the current fiscal year total $2,880. b. Cost of expired insurance for the current fiscal year is $3,465. c. Annual depreciation on equipment is $9,000. d. June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $520 amount owed must be recorded. e. Employees have earned $1,100 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $260 of accrued interest for June has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. 2a. Prepare the adjusting entries (all dated June 30). 2b. Prepare the closing entries (all dated June 30). 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. Current assets Cash Supplies Prepaid insurance ACE CONSTRUCTION COMPANY Balance Sheet June 30 Assets Plant assets Equipment Accumulated depreciation-Equipment Total assets Liabilities $ 19,000 2,880 2,035 $ 23,915 137,640 (33,000) 104,640 $ 128,555 Current liabilities Accounts payable Interest payable 6,320 260 Rent payable 300 Wages payable 1,100 Property taxes payable 600 Long-term notes payable 26,000 $ 34,580 $ 34,580 69 34,580