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, 2020.

No.	Account		Debit			Credit
201	Accounts payable and accrued liabilities				$	3,900
103	Accounts receivable	$	8,000
168	Accumulated depreciation, equipment					8,100
300	Becky Brenner, capital					46,200
301	Becky Brenner, withdrawals		37,800
101	Cash		11,500
194	Copyright		10,950
167	Equipment		30,800
633	Insurance expense		2,720
623	Interest expense		455
141	Notes receivable, due January 1, 2023		11,700
233	Long-term notes payable					26,500
610	Rent expense		10,000
402	Revenues					79,595
126	Supplies		710
637	Supplies expense		2,180
652	Telephone expense		2,700
203	Unearned revenues					17,100
688	Utilities expense		2,480
612	Wages expense		49,400
	Totals	$	181,395		$	181,395

The following is additional information that has not been included in the trial balance.

1. On April 2, you received the telephone bill for the month of March for $670.
2. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $2,250 due April 30.
3. On March 31, the company held a teens camp for $1,570. All tickets had been prepaid two weeks in advance.
4. 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 $16,000. A $5,400 payment on the long-term notes payable will be made during the year ended March 31, 2021. Prepare an income statement for the year ended March 31, 2020.

Prepare a classified balance sheet at March 31, 2020.

ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2020 Operating expenses. Total operating expenses 0 Prepare a statement of changes in equity for the year ended March 31, 2020. ADVENTURE ELEMENTS Statement of Changes in Equity For Year Ended March 31, 2020 Becky Brenner, capital, April 1 0 Total $ 0 Becky Brenner, capital, March 31 ADVENTURE ELEMENTS Balance Sheet March 31, 2020 Assets Current assets: $ 0 Total current assets Long-term investments: Property, plant and equipment: Intangible assets: Total assets 0 Liabilities Current liabilities: $ 0 Total current liabilities Long-term liabilities: Total liabilities 0 Equity Total liabilities and equity HA