The unadjusted trial balance and the adjustment data for Tays Co. at the end of its 2020 financial year are shown belc Additional information: a. The $1,000,000 balance in Equipment represented the new equipment purchased in year 2020 . Depreciation expense was $45,000 for this year. b. A physical count showed that the cost of supplies available on December 31,2020 was $40,000. c. The cost of expired insurance for the year ended in 2020 was $10,000. d. The $5,000 accrued interest for December on the long-term notes payable was unpaid and unrecorded. Required: 1. Prepare the necessary adjustment entries (without explanations) at December 31, 2020. (6 marks) 2. Prepare the necessary closing entries (without explanations) at December 31,2020. (10 marks) 3. Should Expense accounts be included in the post-closing trial balance? Explain your answer in detail. 4. Describe the impact on next year's net income (over-or understated) if Tays Co. (3 marks) didn't close the Expense accounts for the current year. (1 mark)