Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, the end of the fiscal year

Required:

1.	Prepare an income statement for the year ended August 31, 20Y5.
2.	Prepare a statement of owner's equity for the year ended August 31, 20Y5. During the year, Effie Jackson invested an additional $30,000 in the business.
3.	Prepare a balance sheet as of August 31, 20Y5.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries.
5.	Prepare a post-closing trial balance.

Light-8.Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Ught-tt-Up Compary peepared the folowing end-of-period spreadsheet: at August 31, 20Y5, the end of the fixcal year: Instructions \begin{tabular}{|c|c|c|c|c|c|c|} \hline Land & 98,000 & & & & 98,000 & \\ \hline Building & 423,000 & & & & 423,000 & \\ \hline Accumulated Depreciation-Building & & 205,300 & & 12,000 & & 217,300 \\ \hline Equipment & 106,000 & & & & 106,000 & \\ \hline Accumulated Depreciation-Equipment & & 85,100 & & 4,400 & & 89,500 \\ \hline Accounts Payable & & 16,000 & & & & 16,000 \\ \hline Salaries and Wages Payable & & & & 5,000 & & 5,000 \\ \hline Uneamed Rent & & 2,300 & 1,200 & & & 1,100 \\ \hline Eflie Jackson, Capal & & 229,370 & & & & 229,370 \\ \hline Effie Jackson, Drawing & 10,000 & & & & 10,000 & \\ \hline Fees Earned & & 363,400 & & 9,100 & & 372,500 \\ \hline Rent Revenue & & & & 1,200 & & 1,200 \\ \hline Salaries and Wages Expense & 158,800 & & 5,000 & & 163.800 & \\ \hline Advertising Expense & 21,400 & & & & 21,400 & \\ \hline Utilties Expense & 15,100 & & & & 15.100 & \\ \hline \end{tabular} Required: 1. Prepare an income statement for the your ended August 31 , 20Vs. 2. Prepare a statement of owner's equily for the yoar ended August 31, 20V5. During the year, EMo Jackion invested an additional $50,000 in the business. 3. Prepare a balance sheet as of August 31,20r5. 4. Based upon the end-ot-period spreadsheet, joumalize the closing entries. 5. Prepare a post-closing tria/ balance