This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end: Debit Credit $ 43,100 $ 17,800 68, 100 19,600 8,100 131,000 10,100 12,300 3,200 60,500 221,175 200 2,600 50 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenue Interest income Interest expense Interest payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days) Office supplies Office supplies expense Repairs expense, automobiles Salaries expense Salaries payable Unearned revenue Wages expense Totals 400 22,100 18,100 30,500 106,000 75,500 3,100 12,100 7,500 75,325 4,600 10,100 26,900 $ 495, 025 $ 495,025 Required: Use the information in the trial balance to prepare: a. The income statement for the year ended December 31, 2020. a. The income statement for the year ended December 31, 2020. GALAVU ENTERTAINMENT Income Statement For Year Ended December 31, 2020 Revenues: Interest income $ 0 Total revenues Operating Expenses Total operating expenses 0 b. The statement of changes in equity for the year ended December 31, 2020, assuming that the owner made additional investments of $10,500 during the year. GALAVU ENTERTAINMENT Statement of Changes in Equity For Year Ended December 31, 2020 John Conroe, capital, January 1 0 Total $ 0 0 John Conroe, capital, December 31 c. The balance sheet as of December 31, 2020. (Be sure to list the assets and liabilities in order of their liquidity.) GALAVU ENTERTAINMENT Balance Sheet December 31, 2020 Assets Total Assets $ 0 Liabilities Total Liabilities $ 0 Equity Total Liabilities and Equity $ 0