1. Using the template and the following expanded ledger accounts, create an income statement for Compu-Parts Inc (owner: Andrea Muldoon). Date the Income Statement for the year ended December 31st 2006. Be sure to place the accounts in the correct order and provide a correct format. (Communication) 2. Use a formula to determine the net incomeet loss of the fiscal period and the total revenues/expenses. (Application) 3. Explain, with the net incomelloss obtained, how this figure would affect the capital account of the company. Accounts Accounts payable Accounts Receivable Automobile Bank Beginning Capital Building Car Expense Commissions Earned Drawings Balances 31255 7540 41520 31600 99000 65000 13600 42590 7520 Accounts Equipment Fees Earned General Expense Land Loan Payable Mortgage Payable Postage Expense Rental Expense Wages Expense Balances 17800 74175 3985 74560 21500 32480 415 7640 29820