1. Income Statement and Balance Sheet On January 1, 2019, Jean Higgins organized a new consulting firm called The Higgins Group. On December 31, 2019, the company's records showed the following items. First, indicate the statement to which each item belongs (Income Statement or Balance Sheet). For each Balance Sheet item, indicate whether it is an asset, liability, or owner's equity. Next, use this information to prepare a 2019 income statement and a December 31 balance sheet for the business (use either the attached forms or the templates in Courselink). Item Amount ($) Statement Accounts payable 7,500 Accounts receivable 17,000 Advertising expense 1,680 Automobiles 36,000 Cash 16,000 Consulting fees earned 22,000 Office equipment 25,250 Office supplies 5,000 Owner's investments 84,000 Owner's withdrawals 3,360 Rent expense 2,550 Salaries expense 6,000 Utilities expenses 660