7. A service business has the following financial data at the end of January: $10,000 Cash $25,000 Accounts receivable $15,000 Prepaid rent S20,000 Land S42,000 Building S20,000 Accumulated depreciation ?? Accounts payable $20,000 Wages payable S52,000 John smith, capital-January 1 ?? John smith, capital-January 31 $10,000 John smith, drawings $5,000 Net income $50,000 Service revenue $8,000 Consulting revenue $15,000 Rent expense $20,000 Wage expense $5,000 Depreciation expense ?? Insurance expense A. Using the basic equation for an income statement, determine insurance expense for January (you do NOT need to prepare a formal income statement). B. Using the basic equation for a statement of owner's equity, determine John smith, capital at January 31 (you do NOT need to prepare a formal statement of owner's equity). C. Using the basic equation for a balance sheet, determine accounts payable at January 31 (you do NOT need to prepare a formal balance sheet)