Question Number 8: Following are the amounts of the assets and liabilities of Greco Travel Agency at December 31, 2006, the end of the current year, and its revenue and expenses for the year. The capital of Petrea Kraft, owner, was $16,200 on January 1, 2006, the beginning of the current year. During the current year, Kraft withdrew $47,000. Accounts payable $ 5,120 Rent expense $36,000 Accounts receivable 31,200 Supplies 3,000 Cash 11,520 Supplies expense 4,500 Fees earned 188,000 Utilities expense 16,500 Miscellaneous expense 2,800 Wages expense 56,800 Instructions 1. Prepare an income statement for the current year ended December 31, 2006. 2. Prepare a statement of owner's equity for the current year ended December 31, 2006. 3. Prepare a balance sheet as of December 31, 2006