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4. The adjusted trial balance for MAJAN Company at December 31, 2019 contains the following. Debits Building 67,000 Account Receivable 26,000 Prepaid Insurance 7,400 Cash Credits 77,000 MAJAN, Capital 9,000 Accumulated Depreciation - Building 2,700 Account Payable 10,840 Note Payable 37,500 Accumulated Depreciation - Equipment 38,000 Interest Payable 540 Golfing Revenue 4,400 60,000 Equipment 11,000 Land 1,600 Insurance expense 8,580 Depreciation Expense Interest expense 1,600 181,580 181,580 Instruction: (a) Prepare Income Statement (2.5 Marks) (b) Prepare owner equity statement (2.5Marks) Solution: MAJAN Company Income Statement For the month ended December 31,2019 Particulars Amount ($) Amount ($) MAJAN Company Owner Equity Statement For the month ended December 31,2019 Particulars Amount ($) Amount($)