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 ownerss equity for the current year ended December 31, 2014. 3. Prepare a balance sheet as if December 31, 2014. 4. What item appears on both the statement of owners equity and the balance sheet? MUST SHOW WORK