The financial statement columns of the worksheet for Brand For Less at December 31, 2020, are as follows: BRAND FOR LESS Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Accounts Debit Credit Debit Credit Cash 15,000 Accounts Receivable 7,000 Supplies 4,000 Prepaid Insurance 6,000 Audio Equipment 209,000 Accumulated Depreciation-Audio Equipment 29,000 Accounts Payable 19,000 Note Payable 70,000 Salaries Payable 3,000 Owners' Capital 112,000 Owners' Drawing 14,000 Brand Revenue 123,000 Advertising Expense 21,000 Depreciation Expense 12,000 Insurance Expense 3,000 Rent Expense 17,000 Salaries Expense 42,000 Supplies Expense 6.000 Totals 101,000 123,000 255,000 233,000 Net Income 22.000 22.000 123.000 123.000 255.000 255.000 Instructions (a) Record the closing entries as of December 31, 2020. (b) Prepare the statement of owners' equity for the year ended December 31, 2020. (c) Prepare a classified statement of financial position for Brand For Less at December 31, 2020 assuming the note payable is a long-term liability