The worksheet for Baboon's Seafood, business owned by B. B.Babaon, is provided. Year-end adjustments have been made and all required entries journalind and posted to the ledger accounts Babson's Seafood Work Sheet(partial) For the year anded December 31, 20- TRIAL, BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEDIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 60,000 60,000 60,000 Accounts Receivable 36,000 36.000 36.000 Merchandise Trentory 50,000 50,000. 50.000 60,000 60,000 Dupphes 2,200 10,000 2.200 7,200 Prepaid Insurance 9,000 4,000 5.000 5,000 Building 107.000 107.000 107.000 Acumulated Depreciation-luding 30,000 7,000 37.000 37 000 Comen 70.000 20.000 70,000 Accumulated Depreciation-ment 28.000 0.000 34,000 Accounts Payable 32,200 32.200 12.200 Wages Payable 1.100 1.100 1.100 Unnamed Raven 16.000 11.000 5.000 5.000 Mertoy 107.000 107.000 107.000 Bason Cacita 11. 110.500 110,500 Uncated Revenue 16,000 11,000 5,000 5,000 107,000 Mortgage Payable 107,000 107,000 110,500 110,500 110,500 40,000 40,000 40,000 50,000 50,000 60,000 50,000 B. B. Babton Capital 3. B. Babson, Drawing Income Summary Sales Sales Returns and Allowances Emad Rwand Purchases 60,000 228,000 60,000 228.000 238,000 3,500 3,500 3,500 11,000 11,000 11,000 54,000 54,000 54,000 6,400 6,400 6,400 70,000 1100 29.100 16.000 16,000 7,000 Purchase Returns and Allow Wages Expense Supplies Expense Depreciation Expense-viding Depreciation Estoupent Insurance Exente Utile Expense Miscellaneous 79.100 16,000 7.009 6.000 7,000 6.000 4.000 6,000 4,000 20,000 7.400 550, 100 556.100 155.100 155100 20.000 20.000 1,400 632.200 633200 247.000 etcome 58.400 305.400 305,400 105300 325,000 50.400 305:400 385.200 18500 Required: From the work sheet, prepare a multiple-step income statement, a statement of owners' equity (assuming no additional investments) and a classified balance sheet. The current year's portion of the mortgage payable is $6,000, Babson's Seafood Income Statement For the year ended December 31, 20- Revenue: Cost of goods sold: Operating expenses engagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoke Operating expenses: Total operating expenses Other revenues: Babson's Seafood Statement of Owner's Equity For the year ended December 31, 20 ngagenow.com/in/takeAssignment, takeAssign Babson's Seafood Balance Sheet December 31, 20- Assets Current assets: Total current assets AS Property, plant, and equipment: si $ Total property, plant, and equipment Total assets $ Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities 10 ) Owner's Equity Total liabilities and owner's equity