Question 1: (40 marks) metal balance as on December 31, 2019 XYZ E i s is as follows Cash 7.950 Accounts receivable Prepaid rent Furniture Office equipment Long-term note payable Accounts payable 4,850 1.240 12.600 6,000 7,360 4,660 2.550 15.300 Rent payable Capital Drawing 2,000 Services revenues 15.960 Salaries expenses 7.550 Rent expenses 2,500 1.110 Insurance expenses Total 45,830 45,830 Required: a. An income statement for the year ended December 31, 2019 b. A statement of owner's equity for the year ended December 31, 2019 c. A balance sheet as on December 31, 2019