Just do question B)

Problems: Set A CHAPTER 13 P13-9A Choke Cherry Ltd. is a private company reporting under ASPE. Its adjusted trial balance at its Prepare financial fiscal year end, December 31, 2014, is shown below: statements and closir entries. (SO 3, 5, 6) A CHOKE CHERRY LTD. Adjusted Trial Balance December 31, 2014 Debit Credit Cash Inventory $ 28,000 Supplies 26,500 5,000 Equipment Accumulated depreciation-equipment 300,000 Accounts payable $ 65,000 Income tax payable 34,000 Unearned revenue 8,985 21,000 Note payable ($12,000 is due in 2015) 30,000 Preferred shares ($4 noncumulative, 1,000 issued) 40,000 Common shares (120,000 issued) 60,000 Retained earnings 73,000 Cash dividends-preferred 4,000 Cash dividends-common 50,000 Sales revenue 515,000 159,000 Cost of goods sold Depreciation expense 20,000 Income tax expense 14,385 Insurance expense 8,200 1,800 Interest expense 32,600 Rent expense 185,000 Salaries expense 12,500 Supplies expense $846,985 $846,985 Instructions (a) Prepare an income statement, statement of retained earnings, and balance sheet. (b) Journalize the closing entries