1-3A Basic Financial Statements Sherry's Shuttles is a bus company offering rides to outdoor adventurers. In the summer, she caters to mountain bikers and in winter to skiers. Wages payable $4,000 $1,600 Insurance expense Dividends 3,000 Telephone expense 400 Cash 5,000 Equipment, net 30,000 Common shares (Jan 1, 2017) 60,000 Bank loan 45,000 Accounts payable 2,200 Retained earnings (January 1, 2017) 10,000 Buildings, net 100,000 Accounts receivable 1,000 Shuttle revenue 69,300 Office supplies 500 Fuel expense 11,000 Wages expense 30,000 Depreciation expense 2,000 Utilities expense 1,200 The company did not issue or repurchase any common shares during the year. Required: a.) Prepare an income statement for the year ended December 31, 2017. b.) Prepare a statement of changes in equity for the year ended December 31, 2017.