On January 1, 2017, Fireworks Fantasia entered its third year of operations. On December 31, 2017, Wes Gandalf, the owner, finalized the company€™s records that showed the following items.

Required 

Prepare an income statement and statement of changes in equity for the year ended December 31, 2017, and a December 31, 2017, balance sheet, similar to Exhibits 1.8, 1.9, and 1.10.

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Accounts payable... Accounts receivable.. Office equipment.. Office supplies... Office supplies expense. $ 14,000 $ 58,000 14,000 3,000 Advertising expense 9,000 3,600 Building. 81,000 Rent revenue 66,000 8,000 Cash Tools 18,000 ........ Utilities expense. Revenue. 140,000 25,100 Fireworks supplies. Wages expense. Wes Gandalf, capital, December 31, 2013. Wes Gandalf, withdrawals ... 49,000 92,000 . Fireworks supplies expense 77,500 175,200 Land 63,000 12,000