Given the adjusted trial balance for Fortune Inc. below as of December 31,2019 prepare: 1. The income statement, 2. The statement of retained earnings 3. Closing entries for December 31, 2019.

December 2015 Debit Credit Cash $ 13,250 $ $ $ $ 10,500 9,800 3,500 55.000 $ $ $ $ $ Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation equipment Accounts payable Uneamed service revenue Salary payable Common shares Retained earnings, Dec 31, 2018 Dividends Service revenue Administrative expense Advertising expense Depreciation expense Supplies expense Utilities expense Wages expense 5,500 6,800 5,200 5,200 36,000 6,950 S $ 5,000 S 70,000 $ S s 5 S S 6,200 2.500 5,500 2,100 5,800 16,500 $135,650 $135,650 O TI B *