Q1. Presented here are the accounts of KPMS Delivery for the year ended December 31, 2018. Owner investment, 2018 Accounts payable Accounts receivable Advertising expense Building Cash Equipment Insurance Expense Interest Expense $32,000 $ 14,000 $ 1,700 $ 17,000 $ 137,900 $ 6,000 $ 17,000 $ 2,000 $ 6,000 Land Notes payable Property tax expense KPMS, drawing Rent expense Salary expense Salary payable Service revenue Supplies KPMS, Capital 12/31/2018 $ 7,000 $ 30,000 $ 2,900 $32,000 $ 13,000 $ 69,000 $ 500 $ 192,000 $ 8,000 $ 51,000 Requirements: 1. Prepare KPMS Delivery's income statement. (3 Marks) 2. Prepare the statement of owner's equity. (3 Marks) 3. Prepare the balance sheet. (3 Marks) 4. Answer these questions about the company: (1 Marks) a. Was the result of operations for the year a profit or a loss? How much? b. How much in total economic resources does the company have as it moves into the new year? c. How much does the company owe to creditors? d. What is the dollar amount of the owner's equity in the business at the end of the year