CHAPTER 3 INCOME STATEMENT CONCEPTS: INCOME, REVENUES, ANO EXPENSES - 61 e. What will be the operating expenses reported on the 2003 income statement? f. Prepare the adjusting entry for depreciation made at December 31,2003 . C g. What will be the book value of the tractor on December 31,2003? h. Prepare the adjusting entry for interest on the loan on December 31,2003.6 i. What will be the total amount paid related to the loan on June 30,2004 ? j. What is the net income for 2003? k. What will be the balance in Retained Earnings at December 31, 2003? Will this balance be a debit or credit balance? 1. Compute the Cash balance at December 31,2003. Will it be a debit or a credit balance? m. List all assets that will appear on the balance shcet at December 31, 2003. n. What will be the total liabilities reported at December 31,2003? o. Compute total equity at December 31, 2003