Wells Technical Institute (WT), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school WTI also offers training to groups in off-site locations WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of tems a through h that require adjusting entries on December 31 Additional Information Items a. An analysis of WTT's insurance policies shows that $4.129 of coverage has expired b. An inventory count shows that teaching supplies costing $3.578 are available at year end. c. Annual depreciation on the equipment is $16,515 d. Annual depreciation on the professional library is $8.258 e. On September 1, WTI agreed to do five courses for a client for $3,000 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $15,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $12,800 of the tuition has been earned by WTI 9. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December MELLS TEORICAL INSTITUTE Unadjusted Trial Balance December 31 Cash Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Totals Debit $24,944 Credit 20,362 25,545 2,073 31,00 $9,328 97,000 26,582 25,000 I 23,877 76,000 305,79 39,379 41,743 . 22,003 7,254 $330,067 $310,067 a. Prepare Wells Technical Institute's income statement for the year b. Prepare Wells Technical Institute's statement of retained earnings for the year The Retained Earnings account balance 76,000 on December 31 of the prior year. Prepare Wells Technical Institute's balance sheet as of December 31 Complete this question by entering your answers in the tabs below. Reg A Reg C Prepare Wells Technical Insth's statement of retained earnings for the year. The Retained Eamings account balance was $76,000 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Ressed Earnings For Year Ended December 21 Stained eamings December 31 prior year stained earnings, December 31 cument year and $