I need this in less than an hour. Please if you can not complete in the next hour don’t accept. See question and attached document. It is due in an hourThe following trial balance was taken from the books of Panda Corporation on December 31, 2014.$ 8,00040,00010,0001,80044,0004,800110,00015,00010,80043,00075,000260,000126,00050,000$405,600At year end, the following items have not yet been recorded.Insurance expired during the year, $2,400.Depreciation on equipment, 10% per year (straight line without salvage value).Accrued salaries and wages (unpaid) at December 31, $8,500. Instructions: (a) (6 Points) Prepare the necessary adjusting entries.(b) (2 Points) Calculate the net income for 2015.(c) (2 Points) Prepare the necessary closing entries.Please show your procedures.