Van de Lay Industries is just finishing up another year of operations. The company's unadjusted trial balance is shown below: Van de Lay Industries Unadjusted Trial Balance January 31, 2021 Debit Credit $ 1,200 21,800 $ 26,400 137,415 254,415 40,000 6,000 30,000 Accounts payable Accumulated depreciation Advertising expense Cash Consulting revenues earned Depreciation expense Furniture and fixtures Income tax expense Insurance expense Interest expense Prepaid insurance Prepaid rent Rent Expense Retained earnings Salaries expense Share capital Short-term note payable Supplies inventory Supplies expense Utilities expense 48,000 44,000 103,400 31,600 45,000 20,000 18,800 62,400 1,200 445,815 $ $ 445,815 No adjusting entries have been made for the year ending January 31, 2021. The following information relates to Van de Lay's accounts: a) Van de Lay uses the straight line method of depreciation for all assets. For the furniture and fixture account, at purchase the useful life of the assets was 8 years with no residual value. b) The Insurance expense account includes a two-year policy taken out and paid in full with cash on March 1, 2020 for $30,000 c) The Prepaid Rent account balance of $48,000 represents the amount paid by Van de Lay on December 31, 2021 and covers rent for the period of December 31, 2021 through December 31, 2022. d) The short-term note payable was taken out on November 1, 2020 and bears an interest rate of 7% per annum, The note is due to be repaid, principle and all interest, on October 31, 2021. e) The year-end inventory count showed supplies totaling $12,000 on hand at January 31, 2021 1) Van de Lay pays its employees every two weeks. The last payment was made January 22, 2021. The average weekly salary expense is $600. Required: a) Prepare the adjusting entries for each of the above (round to the nearest whole dollar) (12 marks) b) What is Van de Lay's net income for the year ended January 31, 2021? (2 marks) C) Prepare a statement of Changes in Shareholders' Equity for the period ending January 31, 2021 (2 marks)