As of December 31 of the current year, Armani Companys records show the following. Hint: The owner invested $1,300 cash during the year.

Cash$ 10,300Accounts receivable9,300Supplies6,300Equipment5,300Accounts payable11,600Armani, Capital, December 31, prior year16,300Armani, Capital, December 31, current year19,600Armani, Withdrawals13,300Consulting revenue33,600Rental revenue22,600Salaries expense20,300Rent expense12,300Selling and administrative expenses8,300

a. Prepare the income statement for Armani Company for the current year ended December 31.

b. Prepare the current year-end balance sheet for Armani Company.

\begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ ARMANI COMPANY } \\ \hline \multicolumn{2}{|c|}{ Income Statement } & \\ \hline Revenues Current Year Ended December 31 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total revenues & & \\ \hline Expenses & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total expenses & & \\ \hline \end{tabular}