Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity, for the year ended December 3l. The

K. Wilson, Capital account balance was $170.000 at December 31 of the prior rear, and there were no owner investments during the current car.

Account Title	Debit	Credit
Cash	$ 8,000
Accounts receivable.	17,500
Office supplies	3,000
Trucks	172,000
Accumulated depreciation -Trucks.		$ 36,000
Land	85,000
Accounts payable		12,000
Interest payable ..		4,000
Long-term notes payable:		58,000
K. Wilson, Capital		170,000
K. Wilson, Withdrawals.	20,000
Trucking revenue:		130,000
Depreclation expense-Trucks	23,500
Salaries expense	61,000
Office supplies expense...	8,000
Interest expense.	12.000
Totals.	$410.000	$410,000

Using Wilson Trucking Company's adjusted trial balance from E 4-10, prepare its December 31 closing entries.