Problem 7 Lu Chang opened Chang Catering on May 1, 20X3. The adjusted trial balance for May 31, 20X3, follows: Chang Catering Adjusted Trial Balance May 31, 20X3 Cash Food Inventory Prepaid Expenses Equipment Accumulated Depreciation, Equipment Accounts Payable Notes Payable Lu Chang, Capital Sales Wages Cost of Food Sold Supplies Expense Other Expenses Total $ 9,000 1,200 1,000 20,000 $ 800 2,000 15,000 10,000 20,500 7,500 5,200 800 3,600 48,300 $ 48,300 Required: 1. Prepare an income statement. 2. Prepare a balance sheet. 3. Prepare the statement of owner's equity