Whispering Design was founded by Thomas Grant in January 2016. Presented below is the adjusted trial balance as of December 31 . 2025. Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 11,950 Insurance Expense 1,030 Interest Expense Depreciation Expense Supplies Expense Rent Expense Prepare an income statement for the year ending December 31, 2025. (Enter loss using either a negative sign preceding the number eg. -45 or parentheses eg. (45), Supplies Expense. Rent Expense: Total Expenses Netlncome/ (Loss) Your answer is correct. Prepare a retained earnings statement for the year ending December 31, 2025. WHISPERING DESIGN Balance Sheet December 31,2025 Assets Accumulated Depreciations Equement Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity jabilities Accounts Payable interest Payable 216 Notes Parable Unearned Service Revenue Salaries and Wages Payable TotalLabilities tocktwolders' Equity Common Stock Retained Earruings Total Stockholders' Equify itockholders' Equity ablities and Stockholders' Equity Answer the following questions. (Round interest rate to 0 decimal places, eg. 5\%) (1) If the note has been outstanding 6 month5, what is the annual interest rate on that note? The annual interest rate 8 (2) If the company paid $17,500 in salaries in 2025, what was the balance in Salaries and Wages Payable on December 31, 2024? The balance in 5 alaries and Wages Payable $