The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 32,600 11,500 18,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 5, 400 6,750 42,500 7,450 62,100 62,100 The following is a summary of the transactions for the year: a. Service revenue, $108,000, of which $32,400 was on account and the balance was received in cash. b. Collected on accounts receivable, $22,900. c. Issued shares of common stock in exchange for $9,000 in cash. d. Paid salaries, $39,250 (of which $6,750 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $21,200. f. Purchased equipment for $11,500 in cash. g. Paid $2,575 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $785. 2. Depreciation for the year on the equipment is $1,800. Required: 2., 5, & 8. Prepare the summary, adjusting and closing entries for each of the transactions listed. 3. Post the transactions, adjusting and closing entries into the appropriate t-accounts. 4. Prepare an unadjusted trial balance. 6. Prepare an adjusted trial balance. 7-a. Prepare an income statement for 2021. 7-b. Prepare a balance sheet as of December 31, 2021. 9. Prepare a post-closing trial balance. Prepare an income statement for 2021. KARLIN COMPANY Income Statement For the Year Ended December 31, 2021