Last Chance Company, preparing income statement,owner's equity, journal, balance sheet , and post-closing trial balance.

\fRequired: 1. Prepare an income statement for the year ended June 30, 2016. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of owner's equity for the year ended June 30, 2016. No additional investments were made during the year. No additional investments were made during the year. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items. 3. Prepare a balance sheet as of June 30, 2016. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet they will automatically insert where necessary. 4. On the basis of the endofperiod spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts. 5. Prepare a postclosing trial balance