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Question Help The assets and liabilities of California Firs, as of December 31, 20X6, and revenues and expenses for the year ended on that date follow (Click the icon to view the account totals.) Read the requirements. requirLI. FIE S TUI Glarus TUI ya IEU VELIT , CUAU. LE VEFTIGUITY and statement. (Leave any unused cells blank) C UTEUIL Revenue Expenses: Requirement 2. Prepare the company's statement of changes in equity for the year. (Include a subtotal after the "Add" line of the statement.) Add: Less: Requirement 3. Prepare the company's balance sheet at December 31, 20X6. Start with the heading and then complete the rest of the statement. (Leave any unused cells blank.) Assets Liabilities Shareholders' Equity Requirement 4. Analyze California Firs by answering these questions: a. Was California Firs profitable during 20X6? By how much? California Firs was b. Did retained earnings increase or decrease? By how much? Retained earnings by & c. Which is greater total liabilities or total equity? Who owns more of California Firs' assets, creditors of the company or the company's shareholders? exceeds by own more of California Firs' assets. Choose from any list or enter any number in the input fields and then continue to the next question. The assets and liabilities of California Firs, as of December 31, 20X6, and revenues and expenses for the year ended on that date follow. (Click the icon to view the account totals.) Read the requirements. Requirement 1. Prepare the income statement of California Firs for the year ended December 31, 20X6. Let's begin the heading and then complete the rest of the statement. (Leave any unused cells blank.) Revenue: Expenses: 0 Requirements che compa 1. Prepare the income statement of California Firs for the year ended December 31, 20X6. 2. Prepare the company's statement of changes in equity for the year. Prepare the company's balance sheet at December 31, 20X6. Analyze California Firs by answering these questions: a. Was California Firs 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 California Firs' assets, creditors of the company or the company's shareholders? then con Print Done i Data Table mpa con Land ............. 7,000 Equipment .......... 34,000 Note payable 29,000 Interest expense ..... 4,321 Property tax expense.. 2,100 Interest payable ...... 1,800 Rent expense ........ 12,000 Accounts payable ..... 11,000 Accounts receivable .... 25,000 Salary expense ...... 30,000 Service revenue ...... 141,000 Building............ 131,000 Supplies 2,000 Cash .............. 13,000 Utilities expense ...... 3,600 Share capital ....... 1,100 Beginning retained earnings was 121,821, and dividends totaled 41,700 for the year. Print Done