Levart Travel Service's assets and liabilities at December 31, 20Y6, and its revenue and expenses for the year follow.

The retained earnings were $30,000 on January 1, 20Y6, the beginning of the year. During the year, no common stock was issued and dividends of $20,000 were paid.

a. Prepare an income statement for the year ended December 31, 20Y6.

b. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y6.

c. Prepare a balance sheet as of December 31, 20Y6.

d. Indicate the interrelationships of these three financial statements.

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Accounts payable Accounts receivable Cash Common stock Fees earned $ 12,200 31,350 53,050 100,000 263,200 Land Miscellaneous expense Office expense Supplies Wages expense $ 90,000 12,950 63,000 3,350 131,700