Financial statements and closing entries instructions Chart of Accounts. Labels and Amount Descriptions Income Statement Statoment of Stockholders Equity Ealance Sheet. General Jourmal Post-Closing Thal Balance Instructions Required: 1. Prepare an income statement for the year ended August 31,20 Y5. 2. Prepare a statement of stockholders' equity for the year ended August 31,20Y5. During the year, common stock of $25,000 was issued. 3. Prepare a balance sheet as of August 31,20Y5. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance. Financial statements and closingentries Financial statements and closing entries Financial statements and closing entries Income Statement 1. Prepare an income statement for the year ended August 31, 20 Y5. Income Statement instructions 2. Prepare a statement of stockholders' equity for the year ended August 31,20Y5. During the year, common stock of $25,000 was issued. Statement of Stockholders' Equity Instructions 3. Prepare a balance sheet as of August 31, 20Y5 Sochododers Equiry Financial statements and closing entries General Journal 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Financial statements and closing entries Post-Closing Trial Balance 5. Prepare a post-closing trial balance