Preparing financial statements Use the following December 31, 2008, adjusted trial balance of Wilson Trucking Company to prepare the (1) income statement, (2) statement of owner’s equity, and (3) balance sheet for the year ended December 31, 2008. The K. Wilson, Capital account balance is \($175,000\) at December 31, 2007.

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Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies 3.000 Trucks... 172,000 Accumulated depreciation--Trucks $ 36,000 Land 85.000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 53,000 K. Wilson, Capital 175,000 K. Wilson, Withdrawals 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense.... 61,000 Office supplies expense 8,000 Repairs expense-Trucks 12,000 Totals $410,000 $410,000