RACTICE Credits Debit $ 38,000 45,000 14,000 2.500 105,000 35,000 35,000 Wavemaker Inc. Trial Balance December 31, 2016 Account Title Cash Accounts Recelvable Inventory Prepaid Insurance Property Plant & Equipment, cost Property, Plant & Equipment, depreciation Land Accounts Payable Accrued expense Income taxes payable Long term bank loan payable Capital stock (5,000 shares par value $1.00) Share premiuin Retained earnings. Jan 1, 2016 Dividends Sales Revenue Cost of goods sold Selling expenses General & Admin expenses Depreciation expense Income tax expense Total 27,000 7,000 21,000 52.000 5,000 25,000 34,500 10,000 190,000 78,000 17,000 23,500 7.500 21.000 396,500 396,500 Required: 1. Prepare the balance sheet 2. Prepare the income statement 3. Prepare the statement of shareholders' equity