Assignment 2: Based on the data below, complete a formal income statement, statement of owner's equity, and formal balance sheet: Income Statement Section of Work Sheet Service Fees: 20.000 cr balance Supplies Expense: 400 dr. balance Insurance Expense: 800 dr. balance Depreciation Expense: 20,000.dr. balance Wage Expenser 4000 dr, balance Rent Expense: 12,000 dr. balance Utilities Experise: 10.000 dr, balance Net Loss - 27,200 Balance Sheet Section of Worksheet: Cash 40,000 dr. balance Supplies 2000 dr. balance Prepaid Insurancer 2000 dr, balance Equipment: 20,000 dr. balance Accumulated Depreciation 2000 r. balance Accounts Payable 42.200 a. balance 1 Wages Payable: 4000 or balance Capital: 45,000 or balance Drawing2000 drance Assignment 2: Based on the data below, complete a formal income statement, statement of owner's equity, and formal balance sheet: Income Statement Section of Work Sheet: Service Fees: 20,000 cr. balance Supplies Expense: 400 dr. balance Insurance Expense: 800 dr. balance Depreciation Expense: 20,000 dr. balance Wage Expense: 4000 dr. balance Rent Expense: 12,000 dr. balance Utilities Expense: 10,000 dr. balance Net Loss - 27,200 Balance Sheet Section of Worksheet: Cash: 40,000 dr. balance Supplies: 2000 dr. balance Prepaid Insurance: 2000 dr. balance Equipment: 20,000 dr, balance Accumulated Depreciation 2000 r. balance Accounts Payable: 42,200 cr balance Wages Payable: 4000 cr balance Capital: 45,000 cr, balance Drawing: 2000 dr. balance