The completed worksheet for Chavarria Corporation as of December 31, 20X1, after the company had completed the first month of operation, appears below. CHAVARRIA CORPORATION Worksheet Month Ended December 31, 2exi Adjustments Debit Credit Income Statement Debit Credit Trial Balance Debit Credit 77,6ee 12,400 10,900 16,800 70,000 6,40e 2,800 1,40e Balance Sheet Debit Credit 77,600 12,400 4,500 14, eee 70,000 1,400 12,400 108,400 7,600 Account Name Cash Accounts receivable Supplies Prepaid advertising Equipment Accumulated depreciation-Equipment Accounts payable Isabel Chavarria, Capital Isabel Chavarria, Drawing Fees income Supplies expense Advertising expense Depreciation expense-Equipment Salaries expense Utilities expense Totals Net income 12,400 108,400 Adjusted Trial Balance Debit Credit 77,600 12,400 4,500 14, eee 70,000 1,400 12,400 108,400 7,600 93,900 6,400 2,800 1,40e 17,200 2,200 216, 10e 216, 10e 7,600 93,900 6,400 2,800 1,4ee 17,200 2,20 214,700 93,900 6,400 2,800 1,400 17,200 2, 2ee 3e,eee 93,900 63,900 93,900 93,900 214,700 10,6ee 10,6ee 186, 10e 122,200 63,900 186, 18e 186, 100 Required: 1. Prepare an Income statement. 2. Prepare a statement of owner's equity. The owner made no additional Investments during the month. 3. Prepare a balance sheet. Analyze: If the adjustment to Prepald Advertising had been $5,600 Instead of $2,800, what net Income would have resulted? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze Prepare an income statement. CHAVARRIA CORPORATION Income Statement Month Ended December 31, 20X1 Revenue Expenses Total expenses CHAVARRIA CORPORATION Statement of Owner's Equity Month Ended December 31, 20X1 CHAVARRIA CORPORATION Balance Sheet December 31, 20X1 Assets Total Assets Liabilities and Owner's Equity Liabilities Owner's equity Total Liabilities and Owner's Equity Net income