Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:Account TitleCashAccounts ReceivablePrepaid InsuranceSuppliesLandBuildingAccumulated Depreciation BuildingEquipmentAccumulated Depreciation EquipmentAccounts PayableSalaries and Wages PayableUnearned RentCommon StockRetained EarningsDividendsFees EarnedRent RevenueSalaries and Wages ExpenseAdvertising ExpenseUtilities ExpenseDepreciation Expense-BuildingRepairs ExpenseDepreciation Expense-EquipmentInsurance ExpenseSupplies ExpenseMiscellaneous ExpenseDr.Unadjusted Trial Balance10,00039,0004,3002,74098,000423,000106,00010,000158,80021,40015,1008,8504,280For the Year Ended December 31, 2015Cr.End-of-Period Spreadsheet205,30085,10016,0002,30090,000139,370Beacons Company363,400901,470 901,470AdjustmentsDr.(a) 9,100(g) 1,200(f) 5,000(d) 12,000(e) 4,400(b) 3,150(c) 2,180Cr.(b) 3,150(c) 2,180(d) 12,000(e) 4,400(f) 5,000(a) 9,100(g) 1,20037,030 37,030Adjusted Trial BalanceDr.10,00048,1001,15056098,000423,000106,00010,000163,80021,40015,10012,0008,8504,4003,1502,1804,280Cr.217,30089,50016,0005,0001,10090,000139,370372,5001,200931,970 931,970Required:1. Prepare an income statement for the year anded December 31, 20Y5. If a net loss has been incurred, enter that amount as a negative numberusing a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of textitems other than account names. You will not need to enter colons (:) on the income statement.2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. During the year, common stock of $30,000 was issued. If anet loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statementheading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Refer to the Chart ofAccounts for exact wording of account titles.3. Prepare a balance sheet as of December 31, 2015. Fixed assets must be entered in order according to account number. Be sure to completethe statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Refer tothe Chart of Accounts for exact wording of account titles. For those boxes in which you must enter subtracted or negative numbers use a minussign.4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.5. Prepare a post-closing trial balance.

Financial Statements include income statement, statement of stockholder's equity and balance…

Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 2015, the end of the fiscal year Account Title Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Building Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Uneamed Rent Common Stock Retained Earnings Dividends Fees Earned Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Depreciation Expense-Building Repairs Expense Depreciation Expense-Equipment Insurance Expense Supplies Expense Miscellaneous Expense Dr. Unadjusted Trial Balance Adjustments 10,000 39,000 4,300 2,740 98,000 423,000 106,000 10,000 158,800 21,400 15,100 8,850 4,280 901,470 For the Year Ended December 31, 20Y5 Beacons Company End-of-Period Spreadsheet Cr. 205,300 85,100 16,000 2,300 90,000 139,370 363,400 901,470 Dr. (a) 9,100 (g) 1,200 (f) 5,000 (d) 12,000 (e) 4,400 (b) 3,150 (c) 2,180 Cr. (b) 3,150 (c) 2,180 (d) 12,000 (e) 4,400 (f) 5,000 (a) 9,100 (g) 1,200 37,030 37,030 Adjusted Trial Balance Dr. 10,000 48,100 1,150 560 98,000 423.000 106,000 10,000 163,800 21,400 15,100 12,000 8.850 4,400 3,150 2,180 4,280 Cr 217,300 89.500 16.000 5,000 1,100 90,000 139,370 372,500 1,200 931,970 931,970 Required: 1. Prepare an income statement for the year ended December 31, 2015. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons () on the income statement. 2. Prepare a statement of stockholders' equity for the year ended December 31, 2015. During the year, common stock of $30,000 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Refer to the Chart of Accounts for exact wording of account titles. 3. Prepare a balance sheet as of December 31, 2015. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Refer to the Chart of Accounts for exact wording of account titles. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. 5. Prepare a post-closing trial balance.