The trial balance for Cozy Fireplaces Inc. for December 31, 2016, follows: Debit balances Credit balances $ 88,300 38,000 95,000 5,700 46,000 80,700 149,300 Cash Accounts receivable Inventory Supplies Prepaid expenses Land Building Accumulated depreciation building Accounts payable Salaries and wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared Totals $ 19,500 21,400 0 0 0 12,800 39,600 150,000 16,400 840,000 482,000 95,000 0 0 0 0 13,700 6,000 $1,099,700 $1,099,700 1. The deposits from customers were for future deliveries. As at December 31, three quarters of these goods had been delivered. 2. There is $2,200 in salaries and wages owed at year end. 3. Rent is paid in advance on the last day of each month. There was a balance or $3,000 in the Prepaid Expenses account on January 1, 2016, At the end of January, $3,000 was paid for the February rent and was debited to the Prepaid Expenses account. All the rent payments during the year were treated the same way. The rent for July to December increased to $4,000 per month. (Hint: Determine the amount of rent expense for 2016, as well as the correct amount that has been prepaid for 2017, and make an adjustment that will bring both these accounts to the correct balances.) 4. A count of thE supplies at year end revealed that $600 of supplies were still on hand. 5. The building is being depreciated over 20 years with a residual value of $20,000 6. The bank loan was taken out on April 1, 2016, The first interest payment is due on April 1, 2017. The interest rate is 9%. 7. Income tax for the year should be calculated using a tax rate of 25%. Prepare the adjusting entries for the year 2016. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, e.g. 5,275