Question: Backlund Farm Supply completed the work sheet on page 609 (attached) for the year ended December 31, 20--. Owner's equity as of January 1, 20--,

Backlund Farm Supply completed the work sheet on page 609 (attached) for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $50,000. The current portion of Mortgage Payable is $1,000. Required 1. Prepare a multi-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet.

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