P1-43A Preparing financial statementsClick a Pix Photography works weddings and prom-type parties. The balance of Adams, Capital was $26,000 at December 31, 2015. At December 31, 2016, the businesss accounting records show these balances:Insurance Expense$ 11,000Accounts Receivable$ 12,000Cash40,000Notes Payable9,000Accounts Payable6,000Adams, Capital, Dec. 31, 2016?Advertising Expense3,200Salaries Expense20,000Service Revenue95,000Equipment73,800Adams, Withdrawals10,000Owner contribution34,000Prepare the following financial statements for Click a Pix Photography for the year ended December 31, 2016:a. Income statement.b. Statement of owners equity.c. Balance sheet.Learning Objective 51. Net Income $97,800Learning Objective 5b. Ending Capital $110,800