The ledger of Construction Rental Ltd. on March 31, 2021 includes the following accounts before quarterly adjusting entries have been prepared: 146,400 Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Cash Accumulated Depreciation Equipment S 8,400 Common Shares 84,100 Retained Earnings 10,000 Notes Payable 20,000 Uneared Rent Revenue 9,300 Rent Revenue 60,000 Interest Expense -0. Salaries and Wages Expense 14,000 191,800 191,800 An analysis of the accounts shows the following: 1. The equipment depreciation is $350 per month 2. One half of the uneared rent was earned during the quarter. 3. The I-year, 6% notes payable have been outstanding since January 1 of the current year. The interests are due at maturity. 4. Supplies on hand total S950. 5. Insurance expires at the rate of S300 per month The company has a 30% income tax rate. Required: a) Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. b) Calculate net income for the first quarter of 2021. b) Prepare, in good form and with proper disclosure a statement of financial position for the first quarter of 2021