The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. During the year, Ian withdrew $37,000.

Accounts	Amounts
	At Jan. 1, 2016:
Ian Eisele, capital	$645,000
	At Dec. 31, 2016:
Accounts payable	$73,000
Accounts receivable	277,000
Cash	191,500
Fees earned	918,700
Land	547,000
Miscellaneous expense	6,000
Rent expense	34,000
Supplies	6,000
Supplies expense	4,200
Utilities expense	29,000
Wages expense	505,000

Required:

1.

Prepare an income statement for the year ended December 31, 2016.*

2.

Prepare a statement of owners equity for the year ended December 31, 2016.*

3.

Prepare a balance sheet as of December 31, 2016.*

4.

What item appears on both the statement of owners equity and the balance sheet?

* 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. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owners equity, enter that amount as a negative number using a minus sign.