ACCOUNTING PROBLEM #8 Gary's Beverage Room Trial Balance December 31, 2018 Cash Accounts Receivable Inventory Furniture Debit Credit 12,500 4,000 5,000 45,000 Land 35,000 Building Bank Loan Payable 190,000 26,000 Accounts Payable 15,000 Notes Payable 5,000 Gary Nelson, Capital 329,500 Gary Nelson, Withdrawals 65,000 Sales Revenue 440,000 Cost of Goods Sold 235,000 Wages expense 208,000 Office Expenses 3,000 Telephone expense 8,500 Vehicle expense 4,500 815.500 815,500 Using the above information: a) prepare an income statement for the year ended December 31, 2018, b) prepare a statement of changes in owner's equity for the year ended December 31, 2018. c) prepare a balance sheet as at December 31, 2018. Note: the owner made an investment of $10,000 during the year.