Problem #1 - (6 points) The adjusted trial balance for Madden Enterprises as of December 31 follows. Debit Credit Cash $ 110,100 Accounts receivable 51,000 Interest receivable 21,200 Notes receivable (due in 90 days) 170,000 Office supplies 15,500 Automobiles 171,000 Accumulated depreciation-Automobiles $ 80,000 Equipment 140,000 Accumulated depreciation-Equipment 19,000 Land 78,000 Accounts payable 95,000 Interest payable 55,000 Salaries payable 26,000 Unearned revenue 44,000 Long-term notes payable 154,000 R. Chiara, Capital 255,800 R. Chiara, Withdrawals 49,000 Services revenue 484,000 Interest revenue 26,000 Depreciation expense-Automobiles 25,500 Depreciation expense-Equipment 21,000 Salaries expense 184,000 Wages expense 44,000 Interest expense 37,800 Office supplies expense Advertising expense Repairs expense-Automobiles Totals 33,600 58,000 28,800 $1,238,800 $1,238,800 Required: Use the information in the adjusted trial balance to prepare the following financial statements. Please remember proper headings for your statements: (a) the income statement for the year ended December 31 (net income will - $77,300). (b) (c) the statement of owner's equity for the year ended December 31. A. Madden, Capital on December 31 of the prior year was $255,800, and there were no owner investments in the current year; and the balance sheet as of December 31 - refer to Exhibit 3.14 on page 98 of your text for an example of the presentation for accumulated depreciation. (Total assets will - $658,100) 8:54 AM 1/28/2022