1. (5 marks) Prepare an income statement for the year ended December 31, 2020 from the adjusted trial balance below! Deavours Photography Adjusted Trial Balance December 31, 2020 Debit Credit $2,000 2,000 600 16,000 Accounts Cash Prepaid insurance Office supplies Office equipment Accumulated depreciation Accounts payable Salaries payable Unearned service revenue C. Devours, capital C. Devours, drawing Service revenue Salaries expense Depreciation expense Supplies expense Insurance expense Totals $3,000 5,000 900 2,500 17.450 5,600 15,350 4,600 1,000 1400 12,0001 $34,200 $34.200 Answer: Deavours Photography Income Statement Year Ended December 31, 2020 Revenue Service revenue Expenses Salaries expense Depreciation expense Supplies expense Insurance expense Total expenses Net income (loss)