Austin Enterprises was started by Daniel Austin. During the current year, Daniel Austin invested $$8,000$ in the business. Based on the following end$-$of$-$period spreadsheet:Austin EnterprisesEnd$-$of$-$Period SpreadsheetFor the Year Ended December $31$Adjusted Trial BalanceIncome StatementBalance SheetAccount TitleDr.Cr$.$Dr$.$Cr$.$Dr$.$Cr$.$Cash$26,50026,500$ Accounts Receivable$7,0007,000$ Supplies$1,0001,000$ Equipment$18,50018,500$ Accumulated Depr.Equip. $5,0005,000$Accounts Payable $11,00011,000$Wages Payable $1,0001,000$Daniel Austin, Capital $8,0008,000$Daniel Austin, Drawing$2,0002,000$Fees Earned $59,50059,500$Wages Expense$19,00019,000$Rent Expense$7,0007,000$Depreciation Expense$3,5003,50084,50084,50029,50059,50055,00025,000$Net income$30,00030,00059,50059,50055,00055,000$Question Content AreaPrepare an income statement for the year ended December $31.$Austin EnterprisesIncome StatementFor the Year Ended December $31$$$-$ Select $-$Expenses:$$-$ Select $--$ Select $--$ Select $-$Total expensesfill in the blank c$0$b$01$e$02$e$070$fd$2\_9$$$-$ Select $-$Question Content AreaPrepare the statement of owner's equity for the year ended December $31.$ If an amount box does not require an entry, leave it blank.Austin EnterprisesStatement of Owner's EquityFor the Year Ended December $31$$$-$ Select $-$$$-$ Select $--$ Select $--$ Select $--$ Select $-$$$-$ Select $-$Question Content AreaPrepare the balance sheet for Austin Enterprises for the year ended December $31.$Austin EnterprisesBalance SheetDecember $31$AssetsCurrent assets:$$-$ Select $--$ Select $--$ Select $-$Total current assets$fill in the blank $1$a$5$a$08057076071\_7$Property, plant, and equipment:$$-$ Select $--$ Select $-$Total property, plant and equipmentfill in the blank $1$a$5$a$08057076071\_12$Total assets$fill in the blank $1$a$5$a$08057076071\_13$LiabilitiesCurrent liabilities:$$-$ Select $--$ Select $-$Total liabilities$fill in the blank $1$a$5$a$08057076071\_18$Owner's Equity$-$ Select $-$Total liabilities and owner's equity$fill in the blank $1$a$5$a$08057076071\_21$