Use this information to answer the following questions:

The adjusted trial balance for Karak Tea Company at December 31, 2021, is presented below: Debit	Credit
Cash	10,500
Accounts receivable	150,000
Prepaid rent	5,000
Inventory	25,000
Equipment	300,000
Accumulated depreciationequipment	125,000
Accounts payable	30,000
Notes payabledue in three months	30,000
Salaries payable	4,000
Interest payable	9,000
Common stock	200,000
Retained earnings	50,000
Dividends	8,000
Sales revenue	400,000
Costs of goods sold	180,000
Salaries expense	120,000
Rent expense	15,000
Depreciation expense	30,000
Interest expense	2,000
Advertising expense	2,500	_______
Totals	848,000	848,000

9) Prepare an income statement for Karak Tea Company for the year ended December 31, 2021.

10) Prepare the closing entries for Karak Tea Company for the year ended December 31, 2021.