Question 1 Not yet answered Marked out of 20.00 P Flag question Balances Dec 31, 2016 Cost of Goods Sold Wages Payable Accumulated depreciation building Interest expense Account payable Interest payable- 3 months Current portion of long term debt Revenue Wage expense Land Dividends declared Unearned revenue Cash Dividend revenue Tax expense Accounts receivable Long-term loan Prepaid insurance Inventory Depreciation expense Building Common shares Retained earnings (Jan 1, 2016) $51,000 123,000 205,000 32,066 72,000 200,000 125,000 300,000 44,000 410,000 14,000 25,000 354,500 2,500 16,000 67,000 1,765,066 15,000 500,000 14,000 1,753,000 53,000 400,000 Prepare an Income Statement, Statement in Changes in Equity and Balance Sheet. Attach a Word or Excel document. Summer 2020 Assignment- Income statement and balance sheet.pdf ... ... $45,000 23,000 250,000 Balances Dec 31, 2016 for Tommy Inc. Cost of Goods Sold Wages Payable Accumulated depreciation building Interest expense Account payable Interest payable- 3 months Current portion of long term debt Revenue Wage expense Land Dividends declared Unearned revenue Cash Dividend revenue Rent expense Accounts receivable Long-term loan Prepaid insurance Inventory Depreciation expense Building Common shares Retained earnings (Jan 1, 2016) 32,066 76,000 200,000 125,000 250,000 44,000 520,000 14,000 25,000 276,500 2,500 19,000 48,000 1,700,000 15,000 500,000 14,000 1,500,000 43,849 332,217 Prepare a balance sheet at December 31, 2016 and income statement for the year 2016. Show all calculations. Provide solution in Excel or MSWord