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

		Debit				Credit
Accounts payable					$	43,700
Accounts receivable	$	18,400
Accumulated depreciation, automobiles						68,700
Accumulated depreciation, equipment						20,200
Advertising expense		8,700
Automobiles		137,000
Cash		10,700
Depreciation expense, automobiles		12,900
Depreciation expense, equipment		3,800
Equipment		63,500
Revenue						233,775
Interest income						200
Interest expense		3,200
Interest payable						50
Interest receivable		400
John Conroe, capital						22,700
John Conroe, withdrawals		18,700
Land		33,500
Long-term notes payable						112,000
Notes receivable (due in 90 days)		78,500
Office supplies		3,700
Office supplies expense		12,700
Repairs expense, automobiles		8,100
Salaries expense		75,925
Salaries payable						5,200
Unearned revenue						10,700
Wages expense		27,500
Totals	$	517,225			$	517,225

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 $13,500 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.)

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