Following are the amounts of the assets and liabilities of Oriental Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year.

During the current year, Sung withdrew $25,000. Accounts payable 115,000 Accounts Receivable 370,000 Cash 210,000 Fees earned 1,100,000 Land 300,000 MISC 7,000 Rent 150,000 Supplies 20,000 Supplies expenses 14,000 Utilities 79,000 Wages 490,000

Instructions: 1. Prepare an income statement for the current year end December 31, 2014. 2. Prepare a statement of owners