File Calibri 11 Paste B 1 U Font Clipboard 15 416 D B | ABC Corp's Trial Balance for the year ending December 31, 2020, is as follows: The trial balance is presented in a debit/credit) format. Dec 31, 2020 13,457 8,540 (375) 254 25,200 (8,400) (6,500) (4,200) (22,000) Cash Accounts Receivable Allowance for Bad Debt Prepaid Insurance Equipment Accum. Depr-Equipment Accounts Payable Salaries Payable Note Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Insurance Expense Utilities Expense Depreciation Expense Interest Expense 1 12 3 15 16 17 18 19 20 21 22 23 24 25 4,741) (29,396) 18,810 3,627 508 682 3,600 935 Answer the followine nuestions Sheet1 Ready Type here to search o A B D 24 E 25 Answer the following questions 26 1 The Equipment asset is a single piece of equiment with a 7 year life. What month and year was the asset purchased 1/2 point 27 25 29 2 What journal entry is required to close all income statement accounts to the income summary account? Account Debit Credit 1 point 30 36 38 39 40 3. On January 2, 2021, ABd paid half of the balance of thein Dec 31 Accounts Payable Balance What is the required entry Account Debit Credit 1/2 point 41 42