130 The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: Nu Account Debit Credit 101 Cash $ 15,000 104 Short-term investments 20,000 126 Supplies 7.400 149 Notes receivable 41,000 167 Equipment 26,000 163 Accumulated depreciation, equipment $ 17,000 17 Building 250,000 174 Accumulated depreciation, building 140,000 183 Land 85,000 193 Franchise 30,000 201 Accounts payable 16.00 203 Interest payable 23 Unearned professional revenue 26,800 251 Long-term notes payable 130,000 301 Amar Lloyd, capital 90, 180 382 Amar Lloyd, withdrawals 481 Professional revenue 204,480 406 Rent revenue 25,000 606 Depreciation expense, building 19,800 612 Depreciation expense, equipment 7,800 623 Wages expense 63,800 63 Interest expense 590 637 Insurance expense 17,800 652 Supplies expense 12,689 688 Telephone expense 690 utilities expense Totals $670,350 $670,390 2,800 4,200 7,000 An analysis of other information reveals that Lloyd Construction is required to make a $44,000 payment on the long-term notes payable during 2021 The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $73,000 cash early in 2020 Prepare an income statement for the year ended December 31, 2020. LLOYD CONSTRUCTION Income Statement For Year Ended December 31, 2020 Revenues Total revenues Operating expenses: Total operating expenses Prepare a statement of changes in equity for the year ended December 31, 2020. LLOYD CONSTRUCTION Statement of Changes in Equity For Year Ended December 31, 2020 Amar Lloyd, capital, January 1 Total Amar Lloyd, capital, December 31 Prepare a balance sheet at December 31, 2020. LLOYD CONSTRUCTION Balance Sheet December 31, 2020 Assets Current assets Total current assets Non-current investments Property, plant and equipment Building Equipment Total property, plant and equipment Intangible assets Total assets Liabilities Current liabilities Total current liabilities Non-Current Liabilities