14 Exercise 1 (10 points) Mohsin Bin Siouan (MBS), a GUST MBA student, started a business in 2016 to provide training in new and advanced technologies for local businesses. His company, Master of Business Skills (MBS), had the following balances at December 31, 2017 in the asset, liabilities, and equities. The owner began the year with 30,000 KD capital balance, contributed 10,000 KD and withdrew 50,000 KD during the year All amounts are in KD (Kuwaiti Dinar) L Notes payable: 10,000 Office Equipment29,000 Rent Expense E 24,000 Utilities Expense A Cash A Office supplies 53,400 LAccounts Payable 3,000 1,500 Service Revenue: R 200,000 Salaries Expense: 64,500 Accounts receivable Supplies Expense: C2400 Other Expenses: Other revenues 41,000 600 100 Dep. Expense- Eq: E AACC Dep. Equipment 19,000 Use the above information to answer the following requirements 1. Prepare the income statement for MBS for the year ending December 31, 2017. (5 points) ending December 31, 2017. (2 points) points) 2. Prepare the statement of owner's equity for MBS for the year 3. Prepare the balance sheet for MBS as of December 31, 2017. (3