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Credit $ 14,600 58,000 Below is the year-end adjusted trial balance for Warren's Photo Studio. Warren's Photo Studio Trial balance December 31, 2020 Account Debit Cash $ 4,100 Current investments 6,800 Supplies 2,250 Note receivable, due May 01, 2022 41,000 Equipment 27,000 Accumulated depreciation, equipment Building 69,400 Accumulated depreciation, building Land 47,000 Franchise 8,900 Accounts payable Unearned professional revenue Long-term notes payable Warren Jones, Capital Warren Jones, Withdrawals 1,500 Photography revenue Interest income Depreciation expense, building 4,000 Depreciation expense, equipment 3,000 Wages expense 34,000 Interest expense 2,400 Insurance expense 2,850 Supplies expense 1,800 Telephone expense 842 Utilities expense 3,640 Totals $ 260,482 5,000 1,300 64,000 31,000 86,342 240 $ 260,482 This is Warren's first year of operations. Warren Jones invested in the business $15,000 cash early in the year. REQUIRED Prepare in a good form a. a single step income statement {10 marks), b. a statement of changes in equity {3 marks), and c. a classified balance sheet {12 marks}