Option #2: Preparing Financial Statements Using the information presented below, prepare an income statement and the balance sheet from the adjusted trial balance of Gin Yang, Culinary Academy. Gin Yang, Culinary Academy Adjusted Trial Balance December 31 Cash 5,200 $ Accounts receivable 1,100 Prepaid insurance 1,200 Office supplies 320 Office equipment 3,000 Accumulated depreciation-office equipment 1,800 $ Buildings 75,000 Accumulated depreciation-buildings 26,000 Land 135,000 Salaries Payable 1.285 Property taxes payable 3,200 Interest payable 3,850 Unearned tuition revenue 3,300 Notes payable 85,000 Gin Yang, Capital Stock 35,000 5,000 Gin Yang, Dividends Tuition revenue 92,855 Salaries expense 13,000 Utilities expense 1,400 Property taxes expense 1,975 Insurance expense 1,300 Office supplies expense 325 Depreciation expense-office equipment |1,120 Depreciation expense-buildings 4,850 2,500 Interest expense Totals $252,290 $252,290 Part a Gin Yang, Culinary Academy Income Statement December 31 Revenues Expenses Total Expenses Net Income 0 Part b Gin Yang, Culinary Academy Balance Sheet December 31 Assets Total Assets $0 Liabilities 0 Total Liabilities Stockholders' Equity Retained Earnings Total Liabilities and Equity $0