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 cr. balance

Accounts Payable: 42,200 cr. balance

Wages Payable: 4000 cr. balance

Capital: 45,000 cr. balance

Drawing: 2000 dr. balance