The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below. December 31 is the company's reporting year-end. Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Debits $ 15,950 Credits 8,000 3,300 220,000 62,500 $ 25,000 96,000 38,400 29,200 Salaries payable Deferred rent revenue Common stock Retained earnings Service revenue Interest revenue Rent revenue Salaries expense Depreciation expense Insurance expense Utilities expense Maintenance expense Totals 0 11,400 240,000 47,400 83,500 4,400 0 33,000 0 0 21,700 18,850 $ 479,300 $ 479,300 Information necessary to prepare the year-end adjusting entries appears below. a. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method. b. The office equipment is depreciated at 10 percent of original cost per year. c. Prepaid insurance expired during the year, $1,650. d. Accrued salaries at year-end, $1,300. e. Rent to customers who paid in advance has been provided for $7,600. Required: 1. From the trial balance and information given, prepare adjusting entries. 2. Post the beginning balances and adjusting entries into the appropriate T-accounts. 3. Prepare an adjusted trial balance. 4. Prepare closing entries. 5. Prepare a post-closing trial balance.