Ross Airport Auto Service provides parking and minor repair service at the local airport while customers are away on business or pleasure trips. The following account balances are available for Ross Airport Auto Service at December 31, 2020. Accounts payable $17,200 Interest payable $4,800 Accounts receivable 39,200 Inventory (repair parts) 6,100 Accumulated depreciation (equipment) 42,300 Investments (long term) 35,000 Cash 7,700 Notes payable (due in 7 years) 160,000 Common stock (20,000 shares) 100,000 Prepaid rent (3 months) 27,300 Depreciation expense (equipment) 18400400 Rent expense 103,500 Dividends 6,300 Retained earnings, 48,200 January 1 Equipment Income taxes expense Income taxes payable 270,800 Service revenue 232,600 (parking) 2,700 Service revenue (repair) 198,500 1,100 Supplies expense (repair 36,900 parts) Interest expense 21,300 Wages expense 246,100 Interest income 4,100 Wages payable 12,500 Prepare an income statement for 2020 and balance sheet as of December 31, 2020.