Account Title Debit Credit Cash $ 43, 060 Prepaid insurance 2, 400 Notes receivable (due in 5 years) 7,890 Buildings 115, 090 Accumulated depreciation-Buildings $ 31,000 Accounts payable 12, 060 Notes payable (due in 3 years) 12, 500 H. Sierra, Capital 39,090 H. Sierra, Withdrawals 10 , 590 Consulting revenue 104, 500 Wages expense 5,400 Depreciation expense-Buildings 11, 506 Insurance expense 3, 400 Totals $ 199, 060 $ 199, 060 Qs 4-10 Preparing financial statements LO C2 Required (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of owner's equity for the year ended December 31