The following unadjusted trial balance was taken from the books of Orkney Corporation on December 31, 2022. At the year end, the following items have not yet been recorded: 1. Insurance expired during the year $2,000. 2. Estimated bad debts, 1% of sales. 3. Depreciation on equipment, 10% per year on original historical cost 4. Interest at 6% is receivable on the note for one full year. 5. Rent paid in advance by Orkney at December 31 for next year of $5,400 was mistakenly charged to Rent Expense. 6. Accrued salaries and wages at December 31,$5,800. Required: 1. Prepare the necessary adjusting entries. 2. Prepare the necessary closing entries [use an Income Summary Account as part of the closing entries]