The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 2015, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $680,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $43,000. Accounts Amounts Accounts payable $65,500 Accounts receivable 264,000 Cash 180,500 Fees earned 879,200 Land 541,000 Miscellaneous expense 6,900 Rent expense 32,000 Supplies 5,200 Supplies expense 4,100 Utilities expense 28,000 Wages expense 520,000 Required: 1. Prepare an income statement for the year ended December 31, 20Y5.* 2. Prepare a statement of owner's equity for the year ended December 31, 20Y5.* 3. Prepare a balance sheet as of December 31, 20Y5.* 4. What item appears on both the statement of owner's equity and the balance sheet? *Be sure to complete the statement heading. Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Labels December 31, 20Y5 Expenses For the Year Ended December 31, 20Y5 Amount Descriptions Decrease in owner's equity James Brewster, capital James Brewster, capital, December 31, 20Y5 James Brewster, capital, January 1, 20Y5 Increase in owner's equity Investment on July 1, 20Y5 Net income Net loss Total assets Total expenses Total liabilities and owner's equity Withdrawals 1. Prepare an income statement for the year ended December 31, 2015. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required. 1 2 (Label) 3 4 5 6 7 8 9 Excalibur Travel Agency Income Statement (Label) Statement of Owner's Equity 2. Prepare a statement of owner's equity for the year ended December 31, 2015. Be sure to complete the statement heading. Refer to the information given and the lists of Accounts. Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. If required, use the minus sign to indicate any decreases in equity. 1 2 3 4 5 Excalibur Travel Agency Statement of Owner's Equity (Label) 3. Prepare a balance sheet as of December 31, 2015. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. When entering assets, enter them in order of liquidity. 1 2 3 4 5 6 7 8 9 10 10 11 Excalibur Travel Agency Balance Sheet Assets (Label) Liabilities Owner's equity Final Question 4. What item appears on both the statement of owner's equity and the balance sheet