This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end:

		Debit				Credit
Accounts payable					$	44,100
Accounts receivable	$	18,800
Accumulated depreciation, automobiles						69,100
Accumulated depreciation, equipment						20,600
Advertising expense		9,100
Automobiles		141,000
Cash		11,100
Depreciation expense, automobiles		13,300
Depreciation expense, equipment		4,200
Equipment		65,500
Revenue						242,175
Interest income						200
Interest expense		3,600
Interest payable						50
Interest receivable		400
John Conroe, capital						23,100
John Conroe, withdrawals		19,100
Land		35,500
Long-term notes payable						116,000
Notes receivable (due in 90 days)		80,500
Office supplies		4,100
Office supplies expense		13,100
Repairs expense, automobiles		8,500
Salaries expense		76,325
Salaries payable						5,600
Unearned revenue						11,100
Wages expense		27,900
Totals	$	532,025			$	532,025

Required: Use the information in the trial balance to prepare: a. The income statement for the year ended December 31, 2020.

b. The statement of changes in equity for the year ended December 31, 2020, assuming that the owner made additional investments of $15,500 during the year.

c. The balance sheet as of December 31, 2020. (Be sure to list the assets and liabilities in order of their liquidity.)