1. Prepare an income statement for the two months ended December 31, 2020. 2. Prepare a statement of owner's equity for the two months ended December 31, 2020. 3. Prepare a classified balance sheet (report form) at December 31, 2020. Assume the note payable is long-term. 4. Journalize the closing entries at December 31, 2020. 5. Open T-accounts for Income Summary and Amber Wilson, Capital. Post the entries from requirement 3 and determine the ending balance for both accounts. Denote each closing 2020. 5. Open T-accounts for Income Summary and Amber Wilson, Capital. Post the entries from requirement 3 and determine the ending balance for both accounts. Denote each closing amount as Clos. and each account balance as Bal. 6. Prepare a post-closing trial balance at December 31, 2020. 235 Complete accounting cycle, closing, classified balance sheet E4-20 This exercise continues recordkeeping for the Canyon Canoe Company. If you did not complete those exercises, or E4-19 then you can use the following information at this time: CANYON CANOE COMPANY Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash $ 12,125 Accounts receivable 7,600 Office supplies 165 Prepaid rent 2,000 Land 85,000 Building 35,000 Accumulated amortization-building $ 500 Canoes 12,000 Accumulated amortization-canoes Accounts payable 350 3,670 Building Accumulated amortization-building Canoes Accumulated amortization-canoes Accounts payable Unearned revenue 35,000 $ 500 12,000 350 3,670 350 Salaries payable 1,250 Interest payable 50 Note payable 7,200 Amber Wilson, capital 136,000 Amber Wilson, withdrawals 450 Canoe rental revenue 14,650 Rent expense 2,200 Salaries expense 4,550 Utilities expense 445 Telephone expense 500 Supplies expense 1,085 Amortization expense-building 500 Amortization expense-canoes 350 Interest expense 50 Total $164,020 $164,020