P1-66B. (Learning Objectives 4, 5: Preparing an Income Statement, a Statement of Changes n Equity, and a Balance Sheet; using accounting information to make decisions) The assets and liabilities of Post Shrub as of December 31, 20X6, and revenues and expenses for the year ended on that date follow. Rent expense Utilities expense Land. 8,000 36,300 Equipment.. Note payable. 4,850 32,500 Interest expense.. Property tax expense. 1,500 Interest payable 1,000 13,200 Accounts payable. 13,500 Accounts receivable.. 27,000 Salary expense. 37,000 Service revenue.... 143,000 Building..... 129,200 Supplies.......come she 1,700 Cash. 15,000 3,000 Share capital........... 16,250 es Beginning retained earnings were 116,500, and dividends totaled 46,000 for the year. Requirements 1. Prepare the Income Statement of Post Shrub, Inc., for the year ended December 31, 20X6. 2. Prepare the company's statement of changes in equity for the year. 3. Prepare the company's Balance Sheet at December 31, 20X6. 4. Analyze Post Shrub, Inc., by answering these questions: a. Was Post Shrub profitable during 20X6? By how much? b. Did retained earnings increase or decrease? By how much? c. Which is greater, total liabilities or total equity? Who owns more of Post Shrub's asset creditors of the company or Post Shrub's shareholders