The accounting records of Jordan?s Delivery Service show the following assets and liabilities as of the end of 2018 and 2019. Prepare an income statement and a statement of owner?s equity for the year ended December 31, 2018, and a December 31, 2019, balance sheet.

The owner bought land for his equipment for $650,000. The business paid $130,000 cash and has a bank loan for the balance. Mr. Jordan Good had to invest an additional $50,000 to help pay the $130,000. The company earned a net income during 2019, which allowed Mr. Good to withdraw $24,000 for the year from the business for personal use. Prepare balance sheets for the business as of December 31, 2018 and 2019. How much net income was earned in 2019? Show your calculations.

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2019 Account Name 2018 $ 20,000 $ 28,000 Cash Accounts Receivable 60,000 50,000 Office Supplies Computer Equipment Delivery Equipment 25,000 20,000 120,000 120,000 61,000 61,000 Land 650,000 Accounts Payable Loan Payable 30,000 10,000 520,000