Required information [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company Credit Debit $5,000 500 4,000 20,000 Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals $ 12,000 2,500 3,000 10,500 1,000 9,500 3.500 2,000 1,500 537,500 $ 37,500 (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of owner's equity for the year ended December 31 The L Sierra, Capital account balance was 510 500 on December 31 of the prior year, and there are no owner investments during the current year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement 0 0 $ Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of owner's equity for the year ended December 31. The L. Sierra, Capital account balance was $10,500 on December 31 of the prior year, and there are no owner investments during the current year SIERRA COMPANY Statement of Owner's Equity L Sierra, Capital, December 31 prior year Add Investments by owner L Sierra Capital December 31 current year $