The trial balance of Peoples Choice Wholesale Company contained the following accounts shown at December 31, the end of the companys fiscal year.

The trial balance of People's Choice Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. PEOPLE'S CHOICE WHOLESALE COMPANY Trial Balance December 31, 2017 Debit Credit Cash $ 69,080 Accounts Receivable 82,720 Inventory 154,000 Land 202,400 Buildings 440,000 Accumulated Depreciation-Buildings $ 132,000 Equipment 183,700 Accumulated Depreciation Equipment 89,100 Notes Payable 120,340 Accounts Payable 38,500 Common Stock 352,000 Retained Earnings 147,840 Dividends 22,000 Sales Revenue 2,028,620 Sales Discounts 13,200 Cost of Goods Sold 1,561,780 Salaries and Wages Expense 112,860 Utilities Expense 25,080 Maintenance and Repairs Expense 19,580 Advertising Expense 11,440 Insurance Expense 10,560 $2,908,400 $2,908,400 Adjustment data: 1. 2. 3. Depreciation is $17,600 on buildings and $15,400 on equipment. (Both are operating expenses.) Interest of $9,900 is due and unpaid on notes payable at December 31. Income tax due and unpaid at December 31 is $52,800. Other data: $33,000 of the notes payable are payable next year. Journalize the adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Create T-accounts for all accounts used in part a. Enter the trial balance amounts into the T-accounts and post the adjusting entries. (Post entries in the order of journal entries posted in part a.) Accumulated Depreciation Buildings Accumulated Depreciation Equipment Depreciation Expense Interest Expense Interest Payable Income Tax Expense Income Taxes Payable Prepare a multiple-step income statement for the year ended December 31, 2017. PEOPLE'S CHOICE WHOLESALE COMPANY Income Statement Prepare a classified balance sheet at December 31, 2017. (List current assets in order of liquidity and property, plant and equipment in order of land, buildings and equ PEOPLE'S CHOICE WHOLESALE COMPANY Balance Sheet Assets 7. Liabilities and Stockholders' Equity