Wels Technical estute (WT a school owned by Tana Wells, provades suing to individuals who pay tuon c the school WT at offers training to groups in off she location WT y reconds prepaid expenses and u revenues in balance sheet accounts to unadjusted tal balance as of December 21 folown along with descriptions of theme a through h that require adjusting entries on December 2 Additional Information hems An analysis of WTsurance policies shows that $429 of coverage has expe b. An inventory count shows that teaching supoles costing $1578able at year end e Annual depreciation on the equipment is $16.515 Anual depreciation on the professional brary$8.258 On September 1 WTI agreed to do five courses for a clent for $3.000 each Two courses will start immediately and fesh before the end of the year Three courses will not begin until next year. The clent paid $15,000 cash in advance for all five courses on September 1, and WTI credited Uneamed Tang Fees On October 15 WTI agreed to teach a four month class tegning medely for an executive with payment due at the end of the class At December 21, $12.800 of the ton has been eamed by WT 9 WTs two employees are paid weekly As the end of the year days sales have accrued at the rate of $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December Cash Teaching Salaries Teaching li Total ties exper MELLS TRONICAL INTENTE 41,492 3. Prepare Wells Technical instutes income statement for the year 3-b. Prepare Wils Technical institute's statement of retained eamings for the year The Retained Eamings account balance was $76,000 on December 21 of the prior year 3. Prepare Wells Technical instute's balance sheet as of December 3 Complete this question by entering your answers in the tabs below X Techal Intune's in datament for the year Fox Tow United Excember 31