6 of 6 -/25 E Ella Young prepared the following trial balance for her yoga studio, Crane Meditation, for the year ended December 31.2024. CRANE MEDITATION Trial Balance December 31, 2024 Debit Credit Cash $15,419 Accounts receivable 6,804 Supplies 1,402 Prepaid insurance 2,705 Equipment 19.152 Accounts payable $4,103 Notes payable 12,600 E. Young, capital 21.227 E. Young, drawings 30,240 Prepaid insurance Equipment Accounts payable 2.705 19.152 $4,103 Notes payable 12.600 E Young, capital 21,227 E. Young, drawings 30,240 Service revenue 107.163 Interest expense 693 Rent expense 19,530 Salaries expense 45,990 Telephone expense 3.158 $145,093 $145,093 Use the trial balance to do the following: Prepare an income statement for Crane Meditation for the year ended December 31, 2024. CRANE MEDITATION Income Statement Prepare a statement of owner's equity for the year ended December 31, 2024. (List items that increase owner's equity first.) CRANE MEDITATION Statement of Owner's Equity --15 Prepare a balance sheet at December 31, 2024, (List Assets in order of liquidity) CRANE MEDITATION Balance Sheet Assets