Depreciation on the company’s equipment for the year is computed to be $18,000. The prepaid insurance account had a $6,000 debit balance at december 31 before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $1,100 of unexpired insurance coverage remains. The supplies account had a $700 debit balance at the beginning of the year, and $3,480 of supplies were purchased during the year. The december 31 physical count showed $300 of supplies available. Two-thirds of the work related to $15,000 of cash received in advance was performed this period. The prepaid rent account had a $6,800 debit balance at december 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $5,800 of prepaid rent had expired. Wage expenses of $3,200 have been incurred but are not paid as of december 31.