Integration of Financial Statements P2. The following three independent sets of financial statements have several amounts missing: Set A $1,100 (a) $ (b) Set B $ (g) 5,200 $ (b) Set C $ 240 (m) $ 80 Income Statement Revenues Expenses Net income Statement of Owner's Equity Beginning balance Net income Less withdrawals Ending balance Balance Sheet Total assets Total liabilities Owner's capital Total liabilities and owner's equity $2,900 (c) 200 $3,000 $24,400 1,600 (i) $ 02 $ 340 (n) (0) $ (p) S (d) $1,600 (e $ (6) $31,000 $ 5,000 (k) $ (0) $ (q) (0) 380 $ 380 REQUIRED 1. Complete cach set of financial statements by determining the missing amounts that correspond to the letters. 2. ACCOUNTING CONNECTION Why is it necessary to prepare the income statement prior to the balance sheet