Pharoah's Home Renovations was started in 2008 by Jim Pharoah. Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company's assets and liabilities as at December 31, 2021, and the revenues, expenses, and drawings for the year ended December 31, 2021: Accounts payable $7,477 Operating expenses $3,308 Accounts receivable 10,955 Prepaid insurance 1,143 Cash 9,075 Salaries expense 86,423 Equipment 28,516 Service revenue 154,734 Insurance expense 3,966 Supplies 503 Interest expense 1,190 Supplies expense 20.497 J. Pharoah, drawings 44,096 Unearned revenue 15,441 Notes payable 29,912 Vehicles 42,330 Jim's capital at the beginning of 2021 was $44,438. He made no investments during the year. -/3 Prepare the income statement. PHAROAH'S HOME RENOVATIONS Income Statement $ Prepare the owner's equity statement. (List items that increase owner's equity first.) PHAROAH'S HOME RENOVATIONS Statement of Owner's Equity $ e Textbook and Media Prepare the balance sheet. PHAROAH'S HOME RENOVATIONS Balance Sheet Assets > A > Liabilities and Owner's Equity > $ ORI e R