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

		Debit				Credit
Accounts payable					$	44,900
Accounts receivable	$	19,600
Accumulated depreciation, automobiles						69,900
Accumulated depreciation, equipment						21,400
Advertising expense		9,900
Automobiles		149,000
Cash		11,900
Depreciation expense, automobiles		14,100
Depreciation expense, equipment		5,000
Equipment		69,500
Revenue						258,900
Interest income						150
Interest expense		4,400
Interest payable						75
Interest receivable		300
John Conroe, capital						23,900
John Conroe, withdrawals		19,900
Land		39,500
Long-term notes payable						124,000
Notes receivable (due in 90 days)		84,500
Office supplies		4,900
Office supplies expense		13,900
Repairs expense, automobiles		9,300
Salaries expense		77,125
Salaries payable						6,400
Unearned revenue						11,900
Wages expense		28,700
Totals	$	561,525			$	561,525

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 $19,500 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.)