The following is the adjusted trial balance of Sierra Company. Credit Debit $ 7,000 600 4,200 25,000 Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) L. Sierra, Capital L. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals $ 13,000 3,000 3,500 12,000 1,500 14,500 3,600 2,500 1,600 $ 46,000 $ 46,000 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of owner's equity for the year ended December 31. The L. Sierra, Capital account balance was $12.000 on December 31 of the prior year, and there are no owner investments during the current year. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement 01:41:29 Prepare a statement of owner's equity for the year ended December 31. The L. Sierra, Capital account balance was $12,000 on December 31 of the prior year, and there are no owner investments during the current year. SIERRA COMPANY 01:41:09 Statement of Owner's Equity L. Sierra, Capital, December 31 prior year Add: Investments by owner 0 L. Sierra, Capital, December 31 current year