13. 10,00 points M3-20 Preparing Financial Statements from a Trial Balance [LO 3-1, LO 3-4] The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31 EQUILIBRIUM RIDING, INC Unadjusted Trial Balance At December 31 Debits Credits Account Name Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable S 74,100 7,250 9,000 66,900 37,050 S 33,850 2,000 68,000 5,000 66,925 Notes Payable (long-term) Common stock Dividends Service Revenue Wages Expense Repairs and Maintenance Expense Office Expenses 27,600 8,250 425 400 Totals S203,375 S203,375 1. Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Inc., for the year ended December 31 EQUILIBRIUM RIDING, INC. Income Statement For the Year Ended December 31 Service Revenue Unearned Revenue Total Revenues Salaries and Wages Expense Office Expenses Repairs and Maintenance Expense Total Expenses t Income 2. Using the unadjusted trial balance provided, create a Statement of Retained Eamings for Equilibrium Riding, Inc., for the year ended December 31. EQUILIBRIUM RIDING, INC. Statement of Retained Earnings Retained Earnings, Jan. Retained Earnings, Dec. 31 3. Using the unadjusted trial balance provided, create a classified Balance Sheet for Equilibrium Riding, Inc., for the year ended December 31. EQUILIBRIUM RIDING, INC. Balance Sheet