Austin Enterprises was started by Daniel Austin. During the current year, Daniel Austin invested $8,000 in the business. Based on the following end of year spreadsheet:

1. Prepare an income statement for the year ended December 31.

2. Prepare the statement of owner's equity for the year ended December 31.

Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr.-Equip. Accounts Payable Wages Payable Daniel Austin, Capital Daniel Austin, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) Adjusted Trial Balance Debit Credit 26,500 7,000 1,000 18,500 2,000 19,000 7,000 3,500 84,500 5,000 11,000 1,000 8,000 59,500 84,500 Income Statement Debit Credit 59,500 Balance Sheet Debit Credit 26,500 7,000 1,000 18,500 59,500 2,000 5,000 55,000 19,000 7,000 3,500 29,500 25,000 30,000 30,000 59,500 59,500 55,000 55,000 11,000 1,000 8,000