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GRECO COMPANY Additional data: Trial Balance 1. The balance for Prepaid Rent represents the amount of 31 Dec-21 rent in advance for 6 months, beginning on October 1 2. $800 worth of Supplies was on hand at the end of the quarter Cash 30,000 3. Annual depreciation on Building is $12,000 and Account Receivable 12,200 on Equipment is $6,000 Prepaid Rent 72,000 4. $1,000 of unearned service revenue was earned during the quarter Supplies 3,000 5. On December 31, $2,500 of Salaries has accrued but not yet paid Land 20,000 6. $2,300 of revenue has been earned but not yet billed Building 120,000 Equipment 60,000 Requirements: Account Payable 17,500 a. Journalize the adjusting entries for the quarter ended December 31 Unearned Service Revenue 17,800 b. Prepare the adjusted trial balance as of December 31 loan 50,000 C. Prepare the Income Statement, the Statement of Retained Earnings Share Capital Ordinary 100,000 and the Statement of Financial Position for the quarter ended December 31, 2021 Retained Earnings 19,700 d. Assume the company decides NOT to pay dividend, how does it affect Dividends 5,000 the Net Income? Service Revenue 163,700 e. Assume the annual depreciation on Building is 20% of the building's total value, Salaries Expense 34,800 will Net Income be higher or lower? By how much? Telephone Expense 9,200 Printing Expense 1,500 Rent Expense 1,000 368,700 368,700