entire exercise

Exercise VI. The following adjusted trial balance is for Choi Co, at year-end December 31. The credit balance in Choi, Capital at the beginning of the year, January 1, was $320,000. The owner, Choi, invested an additional S100,000 during the current year. The land held for future expansion was also purchased during the current year. $ 60,000 22,000 7,000 3,000 120,000 220,000 58,000 $ 38,000 280,000 200,000 | Choi Co. Adjusted Trial Balance December 31 Cash Accounts receivable Prepaid rent Office supplies Investments in stocks Land held for future expansion Office equipment Accumulated depreciation Equipment Building Accumulated depreciation-Building Land Patents Accounts payable Salaries payable Interest payable Long-term note payable D. Choi, Capital D. Choi, Withdrawals Service fees earned Salaries expense Insurance expense Rent expense Depreciation expense-Equipment Depreciation expense-Building Totals 180,000 150,000 36,800 10,500 7.900 252,000 420,000 60,000 470,800 195,000 18,000 36,000 12,000 15.000 $1.436.000 $1.436.000 Required: Prepare the income statement and the statement of owner's equity for the year ended December 31, and the classified balance sheet as of December 31. (Note: A $21,000 installment on the long-term note payable is due within one year.)