Hi, please help with the red marked part, and also the "check my error" said there's something incomplete, so please help me to find that out. Thank you!

Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements LO C3, P1, P2 The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner's capital account was $52,900, and the owner invested $27,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2017 No 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Account Title Debit Credit 19,000 8,000 7,000 150,370 $ 24,500 6,400 23,000 79,900 26,500 142,000 41,000 2,530 10,000 4,900 2,400 4,100 Totals $275,800 $275,800 Adjustments a. The supplies available at the end of fiscal year 2017 had a cost of $2,880 b. The cost of expired insurance for the fiscal year is $4,410 c. Annual depreciation on equipment is $8,200 d. The June utilities expense of $520 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $520 amount owed needs to be recorded e. The company's employees have earned $1,800 of accrued wages at fiscal year-end f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200 g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $230 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year) Required 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017) 2b. Prepare the closing entries. (all dated June 30, 2017) 3a. Prepare the income statement for the year ended June 30 3b. Prepare the statement of owner's equity for the year ended June 30 3c. Prepare the classified balance sheet at June 30, 2017 ACE CONSTRUCTION CO Work Sheet For Year Ended June 30, 2017 Unadjusted Trial Balance Sheet and Statement of Owner's Equity Balance Adjustments Adjusted Trial Balance Income Statement Account Title Dr. Dr. Cr No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable Dr $ 19,000 8,000 7,000 150,370 s 19,000 5,102,880 2590 150.370 $ 19,000 2,880 2,590 150,370 4.410 8200 520 230 200 1,800 900 32,700 . 2,700 6,920 230 200 1,800 24,500 6,920 230 200 6,400 1,8000 900 rent portion of L 5,000 18,000 79,900 5,000 18,000 79,900 ,000 8,000 79900 251 Long-term notes payable* 301 V Ace, Capital 302 V Ace. Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Ins 26,500 26,500 26,500 142,000 142,000 142,000 8200 1.800 230 4,410 8,200 42,800 2,760 4410 8.200 41,000 2,530 42,800 2,760 4 410 urance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense 10.200 5,120 5,800 2 400 4,620 S 21,380 S21,380 S 287,650 0,200 ,120 4,900 2,400 4,620 85,410 10,000 200 5120 900 4,900 2,400 4.100 520 287,650 Totals Net Income Totals 142,000 201,340 144,750 275.800 275,800 $ 85,410 142,000 S 201,340 S 144,750 "Using item h above, the notes payable account is reclassified into current and long-term portions for the unadjusted trial balance columns of the work sheet Prepare the adjusting entries (all dated June 30, 2017). Transation General Journal Debit Credit Supplies expense Supplies 5,120 Insurance expense Prepaid insurance 4,410 Depreciation expense-Equipment 8.200 Accumulated depreciation-Equipment 8,200 4 Utilities expense 520 Accounts payable 520 Wages expense 1800 Wages payable 1,800 Rent expense 200 Rent payable 200 Property taxes expense Property taxes payable 900 Interest expense 230 Interest payable 230 Prepare the closing entries (all dated June 30, 2017) Date General Journal Debit Credit Jun 30 Construction fees earned 142,000 Income summary 142,000 Jun 30 Income summary Depreciation expense-Equipment Wages expense Interest expense Property taxes expense Insurance expense Rent expense Supplies expense Repairs expense Utilities expense 8,200 42,800 2,760 5,800 4,410 0,200 5120 2,400 4,620 Jun 30 Income summary 79,900 V. Ace, Capital 79,900 4 Jun 30 V. Ace, Capital 26,500 V. Ace, Withdrawals 26,500 Prepare the income statement for the year ended June 30, 2017. ACE CONSTRUCTION CO Income Statement For Year Ended June 30, 2017 Revenues: Construction fees earned S 142,000 Expenses Depreciation expense-Equipment Wages expense Interest expense Property taxes expense Insurance expense Rent expense Supplies expense Repairs expense Utilities expense 8,200 42,800 2,760 5,800 4,410 10,200 5,120 2,400 4.620 86,310 $ 55,690 Total expenses Net income Required 1 Required 2ARequired 2B Required 3ARequired 3B Required 3C Prepare the statement of owner's equity for the year ended June 30, 2017. The June 30, 2016, credit balance of the owner's capital account was $52,900, and the owner invested $27,000 cash in the company during the 2017 fiscal year. ACE CONSTRUCTION CO Statement of Owner's Equity For Year Ended June 30, 2017 $ 79,900 V. Ace, Capital, June 30, 2016 Add: Net income Add: Owner investment Os 5656900 55,690 135,590 26,500 S 109,090 Less: Withdrawals V. Ace, Capital, June 30, 2017 Prepare the classified balance sheet at June 30, 2017. ACE CONSTRUCTION CO Balance Sheet June 30, 2017 Assets Current assets Cash Supplies Prepaid insurance S 19,000 5,120 4,410 Total current assets $ 28,530 Plant assets 150,370 Equipment Accumulated depreciation- Equipment 32,700117,670 $ 146,200 Total assets Liabilities Current liabilities Accounts payable Interest payable Rent payable Wages payable Property taxes payable Current portion of Long-term notes payable 6,920 230 200 1,800 900 5,000 Total current liabilities S 15,050 Noncurrent liabilities Long-term notes payable Total liabilities 18,000 S 33,050 Equity V Ace, Capital Total liabilities and equity 53,400 $ 86,450