The ADJUSTED Trial Balance of Practice Merchants for the year ended December 31, 2020, follows Practice Merchants ADJUSTED Trial Balance December 31, 2020 Wages Expenses Account Title Balance 30,000 Note payable (Long-term) 13,000 Office supplies expense 3,600 Cash 17,000 Capital 20,000 Office supplies 1,100 Sales Returns & Allowances 10,000 Unearned sales revenue 4,000 Prepaid insurance 2,500 Wages payable 1,600 Equipment 50,000 Depreciation expense 3,600 Accumulated Depreciation-Equipment 10,000 Cost of Goods Sold 40,000 Accounts payable 8,000 Withdrawals 16,000 Sales Revenue 120,000 Insurance expense 2,800 Required: Based on the adjusted account balances listed above, complete the following: a. Multi-Step Income Statement b. Statement of Owner's Equity (Note: all owner investements were made during 2020) c. Classified Balance Sheet Remember: All adjustments have already been made. Assume all accounts have normal balances. For Instructor Use Only Prob #1 Prob #2 Total Earned Total Possible % Grade 40