Prepare in good format of Income Statement and Balance sheet.

The ledger accounts of Entity A have the following balances on December 31, 20x1: Account titles Balances Accounts payable Accounts receivable Accumulated depreciation - Bldg. Accumulated depreciation - Equipt. Advertising expense Allowance for bad debts Bad debt expense Building Cash Depreciation expense Equipment Land Miscellaneous expense Notes receivable Owner's drawings Owner's equity Prepaid supplies Salaries expense Salaries payable Service fees 480,000 210,000 1,250,000 1,800,000 70,000 30,000 20,000 5,000,000 780,000 200,000 3,600,000 2,000,000 4,000 420,000 80,000 4,210,000 40,000 1,140,000 120,000 6,000,000 Supplies expense 60,000 Taxes and licenses 120,000 Transportation and travel expense 140,000 Utilities expense 46,000 Utilities payable 40,000 Requirement: Prepare in good format the Statement of Operations and Statement of Financial Position of Entity A for Dec 31 20x1