I'm very new to this class and I'm confused on the overall information. Will someone please explain to me what the answer is and how to determine it? Thank you!

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $870,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $42,000. Accounts Amounts $ 69,500 Accounts payable Accounts receivable Cash 285,000 190,500 912,500 Fees earned Land 544,000 6.400 36.000 Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense 5,500 4,100 28,500 510,000 Required: 1. Prepare an income statement for the year ended December 31, 2019.* 2. Prepare a statement of owner's equity for the year ended December 31, 2019.* 3. Prepare a balance sheet as of December 31, 2019.* 4. What item appears on both the statement of owner's equity and the balance sheet? *Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner's equity enter that amount as a neqative number using a minus sign Balance Sheet 3. Prepare a balance sheet as of December 31, 2019. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading Nordic Travel Agency Balance Sheet (Label) Assets Liabilities Owner's equity