Question #4 25 points.

High Tower Corporation has provided you the following information pertaining to account balances as of December 31, 2021 after their first year in business:

Equipment 125,000

Interest Expense 4,900

Interest Payable 1,600

Retained Earnings (before closing entries) 0

Dividends 50,400

Land 145,000

Accounts Receivable 82,000

Bonds Payable (due July 2027) 60,000

Notes Payable (due in 6 months) 7,000

Common Stock 60,000

Accumulated Depreciation - Equipment 36,000

Prepaid Advertising 13,900

Service Revenue 382,700

Buildings 266,000

Supplies 2,260

Accounts Payable 9,400

Income Taxes Payable 11,000

Utilities Expense 5,150

Advertising Expense 2,600

Salaries and Wages Expense 75,470

Salaries and Wages Payable 11,900

Accumulated Depreciation. - Building 227,000

Cash 24,420

Depreciation Expense 9,500

Although High Tower Corporation did not provide you an Adjusted Trial Balance, they have assured you that all accounts listed above have normal balances and include all December 31, 2021 year-end adjustments. Closing journal entries have Not been made (see #1 below).

Required:

Prepare closing entries for the 2021 year. Be sure to use proper form and correct account names.

Prepare a classified balance sheet in proper form for the company as of December 31, 2021.