Critical Thinking Problem $5\mathrm{.}2($Static$)$ ?Worksheet and Financial StatementsThe account balances for the Wesson International Company on January $31,20$X$1,$ ?follow. The balances shown are after the first month of operations$\mathrm{.}101$Cash$ $36,950401$Fees income$ $61,850111$Accounts receivable$6,800511$Advertising expense$3,000121$Supplies$4,300514$Depreciation expenseEquipment$0131$Prepaid insurance$30,000517$Insurance expense$0141$Equipment$48,000518$Rent expense$5,000142$Accumulated depreciationEquipment$0519$Salaries expense$13,400202$Accounts payable$12,000520$Supplies expense$0301$Rickyl Wesson, Capital$80,000523$Telephone expense$700302$Rickyl Wesson, Drawing$4,000524$Utilities expense$1,700$Adjustments:Supplies used during the month amounted to $$2,100.$The amount in the Prepaid Insurance account represents a payment made on January $1,20$X$1,$ ?for six months of insurance coverage.The equipment, purchased on January $1,20$X$1,$ ?has an estimated useful life of $10$ ?years with no salvage value. The firm uses the straight$-$line method of depreciation.Required:Complete the worksheet.Prepare an income statement, statement of owners equity, and balance sheet.Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries.Analyze:If the useful life of the equipment had been $12$ ?years instead of $10$ ?years, how would net income have been affected?