Required information [The following information applies to the questions displayed below) The following is the adjusted trial balance of Sierra Company, Account Title Debit Credit Cash $ 33,000 Prepaid insurance 1,900 Notes receivable (due in 5 years) 6.800 Building 90,000 Accumulated depreciation Buildings $ 26,000 Accounts payable 9,500 Notes payable (due in ) years) 20,000 3. Sierra, Capital 31,500 2. Sierra, withdrawals 8,000 Consulting revenue 79,500 Wages expense 4,900 Depreciation expense-Buildings 9,000 Insurance expense 2.900 Totals $156,500 5156,500 Required (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 Complete this question by entering your answers in the tabs below. 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 Revenues Consulting revenue $ 79,500 $ 79,500 Total revenue Expenses Wages expense Depreciation expense Buildings Insurance expense $ 4,900 9,000 2,900 Total expense Not income 16,800 62,700 s Required 1 Required 2 Prepare a statement of owner's equity for the year ended December 31. Owner made no Investments during the current period. SIERRA COMPANY Statement of Owner's Equity $ H. Sierra, Capital, December 31 prior year end Add: Net Income 31,500 62,700 94,200 8,000 Less: Withdrawals H. Sierra, Capital, December 31 current year end $ 36,200