The amounts of the assets and liabilities of Excalibur Travel Agency at December $31,20$Y$5,$ the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $$650,000$ on January $1,20$Y$5,$ the beginning of the year. During the year, James withdrew $$36,000.$

Accounts

Amounts

Accounts payable $$68,000$

Accounts receivable $267,000$

Cash $183,000$

Fees earned $897,600$

Land $544,000$

Miscellaneous expense $6,200$

Rent expense $35,000$

Supplies $5,200$

Supplies expense $4,200$

Utilities expense $27,000$

Wages expense $508,000$

Required:

$1.$ Prepare an income statement for the year ended December $31,20$Y$5.*$

$2.$ Prepare a statement of owner$$s equity for the year ended December $31,20$Y$5.*$

$3.$ Prepare a balance sheet as of December $31,20$Y$5.*$

$4.$ 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.