Problem 3 (8 points). Beth Krainz opened Krainz Catering on June 1, 20X7. The adjusted trial balance for June 30, 20X7, follows:. Krainz Catering. Adjusted Trial Balance December 31, 20X7 Cash Food Inventory Prepaid Insurance. Equipment- S8.400- 1,200 800- 15,000 $500 1,000 10,000 10,000 18.300- Accounts Payable Notes Payable Beth Krainz, Capital Sales Wages. Cost of Food Sold Supplies Expense Other Expense. 5,500 - 4,500 800. 3,600- Total $39800 $39,800 Required I. Prepare an income statement 2. Prepare a balance sheet- 3. Prepare the closing entries - 4. Prepare a post-closing trial balance