Company had the following account balances, in random order, on December 31, 2020.

Equipment	50000		Land	150000
Drawings	2000		Accumulated depreciation - building	300000
Salaries expense	20000		Cash	24500
Service revenue	140200		Capital	464200
Rent expense	3000		Prepaid expense	5000
Unearned service revenue	2500		Accounts receivable	26000
Insurance expense	1500		Depreciation expense - equipment	2000
Interest revenue	5000		Utilities expense	4000
Notes payable	55000		Salaries payable	4500
Accounts payable	4600		Accumulated depreciation - equipment	20000
Building	700000		Depreciation expense - building	8000

Additional Information:

• During the year, Sam Chiang invested $15,000 into the business.
• $7,500 of the notes payable is due this year.

Required:

1. Prepare an income statement for the company for the year ended December 31, 2020.
2. Prepare a statement of owners equity for the company for the year ended December 31, 2020.
3. Prepare a classified balance sheet at December 31, 2020.

1. Prepare income statement

2. Prepare statement of owners equity

3. Prepare balance sheet