Following are the amounts of the assets and liabilities of Pedigree Travel Agency at December 31, 2008, the end of the current year, and its revenue and expenses for the year. The capital of Shiann Ott, owner, was $115,000 on January 1, 2008, the beginning of the current year. During the current year, Shiann withdrew $40,000.

Instructions
1. Prepare an income statement for the current year ended December 31, 2008.
2. Prepare a statement of owner's equity for the current year ended December 31, 2008.
3. Prepare a balance sheet as of December 31,2008.

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Accounts payable Accounts receivable Cash Fees earned Miscellaneous expense 12,500 Rn expense 42,300 Supplies 180,000 Supplies expense 250,000 Utilties expense $25,000 2,700 2,800 18,200 65,000 1,500 Wages expense