Collins Pet Photographic Studio specialises in portraits of domestic pets. The capital balance of L. Collins, owner of the business, was $50 000 at 30 June 20X8. During 20X9 he withdrew $16 000 for personal use. At 30 June 20X9, the businesss accounting records show these balances:

Accounts receivable $ 8 0110 Bent expense $ 7 000

Loan 12 000 Cash at bank 16 000 L. Collins, capital ? Accounts payable 6 000 Salary expense 22 000 Advertising expense 4 000

Equipment 65 000 Service revenue 70 000

Prepare the following financial statements for Collins Pet Photographic Studio: a. Income statement for the year ended 30 June 20X9

b. Statement of changes in equity for the year ended 30 June 20X9

c. Balance sheet as at 30 June 20X9