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 $$58,500$ on June $30$ of the prior year, and the owner invested $$22,000$ cash during the current fiscal year.

ACE CONSTRUCTION COMPANY

Unadjusted Trial Balance

June $30$

Number Account Title Debit Credit

$101$ Cash $ $15,000$

$126$ Supplies $7,500$

$128$ Prepaid insurance $6,500$

$167$ Equipment $136,420$

$168$ Accumulated depreciation$$Equipment $ $20,000$

$201$ Accounts payable $5,400$

$203$ Interest payable $0$

$208$ Rent payable $0$

$210$ Wages payable $0$

$213$ Property taxes payable $0$

$251$ Long$-$term notes payable $28,000$

$301$ V$.$ Ace, Capital $80,500$

$302$ V$.$ Ace, Withdrawals $31,000$

$403$ Construction revenue $134,000$

$612$ Depreciation expense$$Equipment $0$

$623$ Wages expense $47,000$

$633$ Interest expense $3,080$

$637$ Insurance expense $0$

$640$ Rent expense $10,000$

$652$ Supplies expense $0$

$683$ Property taxes expense $4,400$

$684$ Repairs expense $2,100$

$690$ Utilities expense $4,900$

Totals $ $267,900$ $ $267,900$

Adjustments:

Supplies available at the end of the current fiscal year total $$2,700.$

Cost of expired insurance for the current fiscal year is $$4,095.$

Annual depreciation on equipment is $$8,500.$

June utilities expense of $$550$ is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $$550$ amount owed must be recorded.

Employees have earned $$1,700$ of accrued and unpaid wages at fiscal year$-$end.

Rent expense incurred and not yet paid or recorded at fiscal year$-$end is $$300.$

Additional property taxes of $$600$ have been assessed for this fiscal year but have not been paid or recorded at fiscal year$-$end.

$$280$ 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.

$2$a$.$ Prepare the adjusting entries $($all dated June $30).$

$2$b$.$ Prepare the closing entries $($all dated June $30).$

$3$a$.$ Prepare the income statement for the year ended June $30.$

$3$b$.$ Prepare the statement of owner's equity for the year ended June $30.$

$3$c$.$ Prepare the classified balance sheet at June $30.$