P 27-8A (LO1/2/4) 2. Final closing entry, Dr. Income Summary: $75,560 ADJUSTING, CLOSING, AND REVERSING ENTRIES A 6-column spreadsheet for Baldwin Company is shown on the next page. Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory $3,600 (b) Estimate of this year's sales that will be returned next year 1,250 (c) Cost of goods expected to be returned 720 (d) Interest receivable 140 (e) Interest payable 1,200 (f) Estimate of uncollectible accounts, based on an aging of accounts receivable 2,370 (g) Office supplies consumed 3,700 (h) Factory supplies consumed 4,200 (i) Insurance on factory building and equipment expired 5,100 (j) Factory building depreciation 5,000 (k) Factory equipment depreciation 4,000 (1) Underapplied factory overhead 1,300 (m) Provision for corporate income taxes 5,900 REQUIRED 1. Prepare the December 31 adjusting journal entries for Baldwin Company. 2. Prepare the December 31 closing journal entries for Baldwin Company. 3. Prepare the reversing journal entries as of January 1, 20-2, for Baldwin Company.