Johnson Corporation Is Completing the Accounting Information Processing Cycle at the End

Johnson Corporation is completing the accounting information processing cycle at the end of the fiscal year,June 30,2010.Johnson has provided the following trial balances as of June 30,2010:

$\begin{array}{|l|r|r|r|r|}\hline {\text { June } 30,2010} \\\hline {\text { Account Titles }} & {\text { Unadjusted Trial Balance }} & {\text { Adjusted Trial Balance }} \\& \text { Debit } & \text { Credit } &{\text { Debit }} & \text { Credit } \\\hline \text { Cash } & \$ 13,000 & & \$ 13,000 & \\\hline \text { Accounts receivable } & 1,500 & & 1,800 & \\\hline \text { Prepaid insurance } & 600 & & 200 & \\\hline \text { Equipment } & 60,000 & & 60,000 & \\\hline \text { Accumulated depreciation } & & \$ 16,500 & & \$ 22,000 \\\hline \text { Wages payable } & & & & 100 \\\hline \text { Capital stock } & & 25,000 & & 25,000 \\\hline \text { Retained earnings } & & 11,600 & & 11,600 \\\hline \text { Service revenues } & & 38,000 & & 38,300 \\\hline \text { Wage expense } & 16,000 & & 16,100 & \\\hline \text { Depreciation expense } & & & 5,500 & \\\hline \text { Insurance expense } & & & 400 & \\\hline \text { Totals } & \$ 91,100 & \$ 91,100 & \$ 97,000 & \$ 97,000 \\\hline\end{array}$ Requirements:
A.Reconstruct the adjusting entries and give a brief explanation of each.
B.What is the amount of net income?
C.Calculate earnings per share (EPS)assuming 1,000 shares of common stock are outstanding.