From the trial Balance below for Pownall Photomake Company, prepare an income statement and balance sheet in good form for the company.

\begin{tabular}{|l|l|l|} \hline December 31 & & \\ \hline & Debit & Credit \\ \hline Cash & $4300,00 & \\ \hline Accounts receivable & $3800,00 & \\ \hline Prepaid rent & $12600,00 & \\ \hline Prepaid insurance & $2970,00 & \\ \hline Supplies & $4250,00 & \\ \hline Equipment & $22800,00 & \\ \hline Accounts payable & & $4060,00 \\ \hline Unearned photography fees & & $2600,00 \\ \hline Common stock & & $24000,00 \\ \hline Photography fees earned & & $34480,00 \\ \hline Wages expense & $11000,00 & \\ \hline Utilities expense & $3420,00 & \\ \hline Totals & $65140,00 & $65140,00 \\ \hline \end{tabular}