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E4-16 Recording Four Adjusting Entries, Completing a Trial Balance, Preparing Financial Statements, and Recording Closing Entries LO4-1, 4-2, 4-4 Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ended December 31 . To simplify the case, the amounts given are in thousands of dollars. Other data not yet recorded at December 31 are as follows: a. Insurance expired during the year, $7. b. Depreciation expense for the year, $7. c. Wages payable, $10 d. Income tax expense, $27 Required: Required: 1. Prepare the adjusting entries for the year, (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) Required: 1. Prepare the adjusting entries for the year. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. 2. Show the effects of the adjusting entries on net earnings and cash. (Enter your answers in thousands of dollars. Select "None" if there is no effect.) 4-b. Using the adjusted balances, prepare a statement of changes in equity. (Enter your answers in thousands of dollars. Negative answers should be indicated by minus sign.)