1. Net income: $327,500 SHOW ME HOW PR 1-2A Financial statements OBJ. 5 The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $670,000 on January 1, 2016, the beginning of the year. During the year, Ian withdrew $42,000. Accounts payable $ 69,500 Rent expense 36,000 Accounts receivable 285,000 Supplies 5,500 Cash 190,500 Supplies expense 4,100 Fees earned 912,500 Utilities expense 28.500 Land 544,000 Wages expense 510,000 Miscellaneous expense 6,400 Instructions 1. Prepare an income statement for the year ended December 31, 2016. 2. Prepare a statement of owner's equity for the year ended December 31, 2016, 3. Prepare a balance sheet as of December 31, 2016. 4. What item appears on both the statement of owner's equity and the balance sheet