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Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2016. B!! (Click the icon to view the accounts.) Next Question Requirements 1. Prepare Gate City Answering Service's income statement. 2. Prepare the statement of owner's equity, 3. Prepare the balance sheet. Rent Expense 12,000 Salaries Expense Insurance Expense 60,000 1,700 Interest Expense 6,900 Total Expenses 98,000 Net Income $ 142,000 Requirement 2. Prepare the statement of owner's equity. (Use a minus sign or parentheses to show a decrease in capital.) Gate City Answering Service Statement of Owner's Equity Year Ended December 31, 2016 $ 57,000 Womack, Capital, January 1, 2016 Owner contribution 31,000 Net income for the year 88,000 Owner withdrawal 30,000 146,000 Womack, Capital, December 31, 2016 Data Table $ Land $ 31,000 12,000 1,200 15,000 201,100 Notes Payable Property Tax Expense Womack, Withdrawals Rent Expense Salaries Expense Salaries Payable Service Revenue 12,000 Owner contribution, 2016 35,000 Accounts Payable 2,400 Accounts Receivable 30,000 Advertising Expense 12,000 Building 60,000 Cash 1,700 Equipment 240,000 Insurance Expense 14,000 Interest Expense 57,000 2,400 P's equit 18,000 ervice 1,700 6,900 Equity -1, 2016 Office Supplies Womack, Capital, 12/31/15 Print Done 146,000

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