Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. The following is trial balance for the year ended March 31, 2023. No. Account 201 Accounts payable and accrued liabilities Debit Credit $ 2,750 103 Accounts receivable $ 8,250 168 Accumulated depreciation, equipment 300 Becky Brenner, capital 8,750 42,150 301 Becky Brenner, withdrawals 40,200 101 Cash 12,350 194 Copyright 10,800 167 Equipment 33,400 633 Insurance expense 2,010 623 Interest expense 355 141 Notes receivable, due January 1, 2026 16,000 233 Long-term notes payable 20,500 610 Rent expense 10,650 402 Revenues 101,875 126 Supplies 340 637 Supplies expense 1,830 652 Telephone expense 2,120 203 Unearned revenues 12,400 688 612 Utilities expense Wages expense Totals 2,920 47,200 $188,425 $188,425 The following is additional information that has not been included in the trial balance. a. On April 2, you received the telephone bill for the month of March for $705. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $2,100 due April 30. c. On March 31, the company held a teen's camp for $2,010. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years with no residual value at the end of its useful life. If you need to create a new account, use account number 606. Use straight line method for depreciating Equipment. The owner made an additional investment during the year of $10,000. A $3,000 payment on the long-term notes payable will be made during the year ended March 31, 2024. Prepare an income statement for the year ended March 31, 2023. ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2023 Revenues Operating expenses: Supplies expense $ 1,830 Telephone expense 2,825 Utilities expense 2,920 Wages expense 47,200 Depreciation expense, equipment 1,670 Rent expense 10,650 Insurance expense 2,010 Interest expense 355 $ 194,910 Total operating expenses 69,460 Profit S 125,450 Prepare a statement of changes in equity for the year ended March 31, 2023. ADVENTURE ELEMENTS Statement of Changes in Equity For Year Ended March 31, 2023 Becky Brenner, capital, April 1 Total Less: Withdrawals Becky Brenner, capital, March 31 0 $ 0 Prepare a classified balance sheet at March 31, 2023. Current assets: Total current assets Long-term investments: Property, plant and equipment: Intangible assets: ADVENTURE ELEMENTS Balance Sheet March 31, 2023 Assets $ 0 Total assets 0 Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Total liabilities and equity Equity $ 0 0 $ 0