This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end:

		Debit				Credit
Accounts payable					$	44,000
Accounts receivable	$	18,700
Accumulated depreciation, automobiles						69,000
Accumulated depreciation, equipment						20,500
Advertising expense		9,000
Automobiles		140,000
Cash		11,000
Depreciation expense, automobiles		13,200
Depreciation expense, equipment		4,100
Equipment		65,000
Revenue						240,000
Interest income						150
Interest expense		3,500
Interest payable						75
Interest receivable		300
John Conroe, capital						23,000
John Conroe, withdrawals		19,000
Land		35,000
Long-term notes payable						115,000
Notes receivable (due in 90 days)		80,000
Office supplies		4,000
Office supplies expense		13,000
Repairs expense, automobiles		8,400
Salaries expense		76,225
Salaries payable						5,500
Unearned revenue						11,000
Wages expense		27,800
Totals	$	528,225			$	528,225

Required:
Use the information in the trial balance to prepare:

a. The income statement for the year ended December 31, 2020.

b. The statement of changes in equity for the year ended December 31, 2020, assuming that the owner made additional investments of $15,000 during the year.

c. The balance sheet as of December 31, 2020

Analysis component:

The owner, John Conroe, is very pleased with the change in the business's financial position. Specifically, he noted that his equity increased. "my banker told me that as long as equity is increasing, my business is doing great. "comment.