The adjusted trial balance for Audio Concepts at December 31 2011 is as follows

The adjusted trial balance for Audio Concepts at December 31 2011 is as follows (amounts are presented at their normal balance):Cash 15000Accounts Receivable 7000Inventory 19000Supplies 4000Prepaid Insurance 6000Audio Equipment 190000Accumulated Depreciation Audio Equipment 29000Accounts Payable 19000Note Payable 70000Salaries Payable 3000Common Stock 20000Retained Earnings 92000Dividends 14000Audio Revenue 122000Interest Revenue 1000Cost of Goods Sold 21000Depreciation Expense 12000Insurance Expense 3000Rent Expense 17000Salaries Expense 42000Supplies Expense 6000Required:1. Create T-accounts for all accounts provided above. Prepare the closing journal entries required post them to the T-accounts and prepare a post-closing trial balance at December 31 2011.2. Prepare a Statement of Retained Earnings in proper format for Audio Concepts at December 31 2011.3. In a brief statement correlate the results of the above two requirements.