PR 1-2A Financial statements The amounts of the assets and liabilities of Excalibur Travel Agency at December 31 , 20Y5 , the end of the year , and its revenue and expenses for the year follow . The capital of James Brewster , owner , was $ 710,000 on January 1 , 20Y5 , the beginning of the year . During the year , James withdrew $ 44,500 .Accounts payable Accounts receivable Cash Fees earned Land Miscellaneous expense $ 73,500 302,000 201,900 967,000 576,500 6,800 Rent expense Supplies Supplies expense Utilities expense Wages expense $ 38,100 5,800 4,300 30,200 540,400 Instructions 1. Prepare an income statement for the year ended December 31 , 20Y5 . 2. Prepare a statement of owner's equity for the year ended December 31 , 20Y5 . 3. Prepare a balance sheet as of December 31 , 20Y5 . 4. What item appears on both the statement of owner's equity and the balance sheet ?