Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 48,000 11,600 490 790 17,400 8,200 9,960 2,240 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,500 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 14,000 1,986 17,874 5,600 87,770 16,200 33,230 137,670 137,670 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $220 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $790. c. Depreciation expense for the current year, $3,600. d. Wages earned by employees not yet paid on December 31, $720. e. Income tax expense, $5,280. 2-a. Prepare an income statement that include the effects of the preceding five transactions (Round "Earnings per share" to 2 decimal places.) TUNSTALL, INC. 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) TUNSTALL, INC. Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits General Journal Debit Credit Transaction 1