The unadjusted trial balance of Petes Pizza for fiscal 2019, includes the following items:

Debit Credit

Inventory $95,600 (debit)

Wages payable $1,600(credit)

Prepaid insurance 9,200(debit)

Taxes payable 0(credit)

Your analysis reveals additional information as follows:

The cost of inventory items on hand is $46,400.

Employee wages for the two weeks prior to year end were $15,600 and these will not be paid until the 2019 fiscal year (no other wages are owed).

The unexpired portion of the companys insurance policy at year end was $7,600.

The companys tax accountant reports that the company will owe $108,000 for income taxes for fiscal 2019.

Prepare journal entries for the following required accounting adjustments. NOTE: Only the adjusting entry dated December 31, 2019 is required.

1. To adjust inventory to amount on hand at year-end.

2. To adjust unpaid wages at year-end.

3. To adjust prepaid insurance to amount available at year-end.

4. To record taxes owing for the year.