The unadjusted trial balance of Joseph Enterprise as at 31st December 2021 is given in the following table. Unadjusted Trial Balance Account Titles Debit $ Credit $ Office equipment 84,000 Building 115,000 Delivery van 25,000 Cash at bank 35,000 Accounts Receivable 52,000 Accounts Payable 40,000 5-Year Bank Loan 57,000 Service Revenue 63,000 Rent income 9,000 Interest expenses 3,200 Salary expenses 24,000 Commission expense 9,200 Repairs and maintenance 2,500 Advertising 7,100 Capital 188,000 Total 357,000 357,000 Additional Information: Salaries unpaid at the end of the year amounted to $1,550. Interest on 5-Year Bank Loan is yet to be recorded. This loan was taken by the business on January 1, 2021 with an annual interest rate of 5%. Useful life of Office Equipment is 15 years; Building is expected to be useful for 30 years, and remaining useful life of Delivery Van is 10 years. There will be no scrap value at the end of these assets' useful life. Annual depreciation for all of these fixed assets needs to be recorded on December 31, 2021. During the last week of December 2021, services of $1,200 were provided on account. However, those customers were not billed yet. Required: Prepare income statement and balance sheet for the year ended 31st December 2021. Record closing entries for the year ended 31st December 2021.