Please complete the income statement.

Financial statements Instructions Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Final Question Instructions X Income Statement X The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew 1. Prepare an income statement for the year ended December 31, 2019. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact $43,000. wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon (:) will automatically appear if it is required. Accounts Amounts Accounts payable $65,500 Labels and Amount Descriptions December 31, 2019 Accounts receivable 264,000 Nordic Travel Agency Expenses Cash 180,500 Income Statement For the Year Ended December 31, 2019 Fees earned 879,200 (Label) Amount Descriptions Land 541,000 Miscellaneous expense 6,900 1 Decrease in owner's equity Rent expense 32,000 2 (Label) lan Eisele, capital, December 31, 2019 lan Eisele, capital, January 1, 2019 Supplies 5,200 Increase in owner's equity Supplies expense 4.100 Investment on July 1, 2019 Utilities expense 28,000 Net income Wages expense 520,000 Net income for the year Required: 09 4 Net loss 1. Prepare an income statement for the year ended December 31, 2019.* Net loss for the year 2. Prepare a statement of owner's equity for the year ended December 31, 2019.* Total assets 3. Prepare a balance sheet as of December 31, 2019.* Total expenses 4. What item appears on both the statement of owner's equity and the balance sheet? Total liabilities and owner's equity * Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the Withdrawals answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign