Part II Hanson Storage adjusted trial balance as of December 31 of the current year follows. HANSON STORAGE Adjusted Trial Balance December 31, 200- Cash Accounts Receivable Prepaid Insurance Office Supplies Office Equipment Accum Depr-Office Equip Buildings Accum. Depr.-Buildings Land 3,050 400 830 80 4,200 1,100 28,000 115,000 Wages Payable Property Taxes Payable Interest Payable Unearned Rent 880 1,400 2,200 460 Long-term Notes Payable M. Hanson, Capital M. Hanson, Withdrawals Rent Earned Wages Expense Utilities Expense 40,340 21,000 57,500 25,000 1,900 2,400 800 250 400 5,570 3,000 281,880 Property Taxes Expense Insurance Expense Office Supplies Expense Depr. Exp.-Office Equip Depr.Exp. -Buildings Interest Expense Totals 281,880 1. Prepare an income statement from the adjusted trial balance of Hanson Storage. Prepare a statement of owner's equity from the adjusted trial balance of Hanson Storage. Ms. Hanson's capital account balance of $40,340 consists of a 30,340 beginning-year balance plus a $10,000 investment during the current year. 2. 3. Prepare a classified balance sheet from the adjusted trial balance of Hanson Storage