1/5 Own Eq Problem 13 The following is a partial listing of the George and Co. Trial balance, which includes the following "normal" balances at December 31st: Adjustments Notes Payable 18,000 Owners Equity 45,000 Owners draw 15,000 Revenues 64,000 Expenses 38,000 Equipment 48,000 Notes Payable 12,000 Notes Receivable 7,200 Deprec exp Acc Deprec Int Exp Int Inc int Pay Record the following adjustments: The equipment was acquired on July 1st and should be depreciated over 4 years A full years worth of interest on all notes, at 8% per year 1) 2) 3) Prepare an income statement Prepare an ownersequity statement