Below you will see the Adjusted Trial Balance of the Bradley Company, a single proprietorship. Partnerships and single proprietorships must end their business year on Dec. 31, so here is the Dec. 31, 2020 Adjusted Trial Balance for this company.

DR CR

Cash...........................................$ 37,200

Accounts Receivable.................. 20,800

Marketable Securities................. 44,600

Supplies...................................... 2,000

Prepaid Insurance....................... 7,000

Equipment................................... 40,000

Accum Depr, Equipment........................................................................ $ 15,000

Goodwill...................................... 10,000

Accounts Payable.................................................................................. 26,600

Salaries Payable.................................................................................... 6,000

Note Payable, due in 2024..................................................................... 16,000

D. Bradley, capital................................................................................... 72,000

D. Bradley, withdrawals.................. 4,000

Service Revenue..................................................................................... 150,000

Salaries Exp..................................70,000

Utilities Exp.................................... 3,400

Repairs Exp................................... 3,600

Depreciation Exp........................... 7,200

Insurance Exp................................ 4,400

Rent Exp.......................................16,000

Income Tax Exp........................... 14,000

Supplies Exp................................ 1,400 _______

TOTALS: $285,600 $285,600

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a. What net income did Bradley earn in 2020? Do not write a formal income statement, but please show your calculations.

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b. What was Bradley's new capital account balance as of Dec. 31, 2020? Show your work.

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c. Now prepare a Classified Balance Sheet properly formatted and titled, for Bradley Company.

d. Bradley's equipment was purchased early in January some years ago, assuming an 8-year expected life. As of Dec. 31, 2020, for how many years has the company owned this equipment? Show how you arrived at your answer.