On December 31, a company had the following accounts with normal balances.

Notes payable

Prepaid insurance

Interest expense

Accounts payable

Salaries payable

Cash

Salaries expense

Insurance expense

Owner, Capital Services revenue

Rental revenue

$ 29,000 Accumulated depreciation-

Equipment

4,300 Accounts receivable

860 Advertising expense

10,500 Interest payable

2,200 Unearned revenue

46,000 Office supplies expense

9,300 Equipment

3,600 Owner, Withdrawals

132,800 Depreciation expense-Equipment

96,500 Office supplies

13,500

$ 33,000

7,600

3,100

820

1,700

560

220,000

12,000

11,000

1,700

Prepare the income statement for the year ended December 31. Prepare the balance sheet at December 31 . \begin{tabular}{|c|c|} \hline \multicolumn{2}{|r|}{ Balance Sheet } \\ \hline \multicolumn{2}{|r|}{ December 31} \\ \hline \multicolumn{2}{|r|}{ Assets } \\ \hline \\ \hline \\ \hline & \\ \hline \\ \hline & \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total assets } \\ \hline \multicolumn{2}{|r|}{ Liabilities } \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total liabilities } \\ \hline \multicolumn{2}{|r|}{ Equity } \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total equity } \\ \hline Total liabilities and equity & \\ \hline \end{tabular} Prepare the statement of owner's equity for the year ended December 31. The Owner, Capital a on December 31 of the prior year, and there were no owner investments in the current year. Prepare the income statement for the year ended December 31. Prepare the balance sheet at December 31 . \begin{tabular}{|c|c|} \hline \multicolumn{2}{|r|}{ Balance Sheet } \\ \hline \multicolumn{2}{|r|}{ December 31} \\ \hline \multicolumn{2}{|r|}{ Assets } \\ \hline \\ \hline \\ \hline & \\ \hline \\ \hline & \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total assets } \\ \hline \multicolumn{2}{|r|}{ Liabilities } \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total liabilities } \\ \hline \multicolumn{2}{|r|}{ Equity } \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total equity } \\ \hline Total liabilities and equity & \\ \hline \end{tabular} Prepare the statement of owner's equity for the year ended December 31. The Owner, Capital a on December 31 of the prior year, and there were no owner investments in the current year