Q.3. Listed below are the account balances from adjusted trial balance of ATS Company. ATS Company Adjusted Trial Balance December 31, 2016 ACCOUNTS Banks Account Receivable Note receivables Land Equipment Accumulated Depreciation, Equipment Accounts Payable Notes Payable Capital Withdrawals Service Revenue Rent Revenue Supplies Expense Insurance Expense Salaries Expense Delivery Expense Utilities Expense Interest Expense Depreciation Expense, Equipment BALANCES $ 35,000 40,000 156,000 400.000 300,000 50.000 74.000 161.000 570.000 30,000 350.000 62.000 54,000 42,000 50,000 36,000 34,000 40,000 50,000 Required: a) Journalize closing entries for ATS Company (25 POINTS) b) Prepare an Income Statement and a Balance Sheet for ATS Company (40 POINTS)