Problem 4-2A (Algo) Preparing a work sheet, adjusting and closing entries, and financial statements LO C1, P1, P2 The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $57,700 on June 30 of the prior year, and the owner invested $27,000 cash during the current fiscal year. Adjustments: 0. Supplies available at the end of the current fiscal year total $2,700. b. Cost of expired insurance for the current fiscal year is $3,780. c. Annual depreciation on equipment is $8,900. d. June utilities expense of $570 is not included in the unadiusted trial balance because the bill arrived after the trial balance was b. Cost of expired insurance for the current fiscal year is $3,780. c. Annual depreciation on equipment is $8,900. d. June utilities expense of $570 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $570 amount owed must be recorded. e. Employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $100. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $230 of accrued interest for June has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the above additional information. 2a. Prepare the adjusting entries (all dated June 30 ). 2b. Prepare the closing entries (all dated June 30). 3a. Prepare the income statement for the year ended June 30 . 3b. Prepare the statement of owner's equity for the year ended June 30 . 3c. Prepare the classified balance sheet at June 30 . Complete this question by entering your answers in the tabs below. Work Sheet For Year Ended June 30 Unadjusted Trial Balance Number Number 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Capital 302 V. Ace, Withdrawals 403 Construction revenue 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals Net Income Totals Adjustments Debit Credit Adjusted Trial Balance Debit 6,000 7,500 159,470 25,500 45,000 2,530 11,000 4,500 2,200 4,900 $284,600$284,600 Income Statement Debit Balance Sheet and Statement of Owner's Equity Debit Credit Credit Credit Debit Credit