Wong Enterprises experience the following events for 2020, the first year of operation

1. The company was started when it acquired $20,000 of cash from the owners.
2. Paid $4,000 cash for rent in advance. The payment was for the period 5/ 1/ 2020 to 5/1/2021.
3. Performed services for customers on account for $46,000.
4. Incurred operating expense on account of $21,000.
5. Collected $42,500 cash from accounts receivable.
6. Paid $15,000 cash for salary expense.
7. Paid $16,000 cash as a partial payment on accounts payable.

Adjusting Entries:

1. Made the adjusting entry for expired rent
2. There was $1,600 of accrued salaries at the end of 2020

Prepare an income statement, statement of changes in equity, balance sheet, and statement of cash flows as of December 31, 2020.