The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $665,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $41,000. Accounts Amounts Accounts payable $68,500 Accounts receivable 274,000 Cash 187,500 Fees earned 899,200 Land 544,000 Miscellaneous expense 6,500 Rent expense 40,000 Supplies 5,300 Supplies expense 4,400 Utilities expense 27,000 Wages expense 503,000 Required: 1. Prepare an income statement for the year ended December 31, 2019.* 2. Prepare a statement of owner’s equity for the year ended December 31, 2019.* 3. Prepare a balance sheet as of December 31, 2019.* 4. item appears on both the statement of owner’s equity and the balance sheet? * Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

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