Question 1 [30 points] Avery Wilson started Velor Inc. on December 1, 2014. The adjusted trial balance shown below has been prepared for Velor Inc. as of December 31, 2014. Use this information to prepare the income statement and statement of changes in equity for the month ended December 31 along with the December 31 balance sheet. Velor Inc. Adjusted Trial Balance December 31, 2014 (select one) Income Statement (select one) Debit Credit 44,000 62,000 11,000 10,000 77,500 98.000 63,000 Accounts payable Accounts receivable, Accumulated depreciation, automobiles Accumulated depreciation, trucks Automobiles Commissions earned Consulting revenue earned. Depreciation expense, automobiles Depreciation expense, trucks Dividends Interest earned Interest expense Interest payable Notes receivable Prepaid interest 11,000 10,000 28,000 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity 23,500 24,500 13,000 97,500 24,000 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity Accumulated depreciation, automobiles Accumulated depreciation, trucks Automobiles Commissions earned Consulting revenue earned Depreciation expense, automobiles Depreciation expense, trucks Dividends Interest earned Interest expense Interest payable Notes receivable Prepaid interest Rent earned Salaries expense Salaries payable Share capital Trucks Totals 11,000 10,000 77,500 98,000 63,000 11,000 10,000 28,000 23,500 24,500 13,000 97,500 24,000 42,000 107,000 46,000 168,000 77,000 518,500 518,500 (select one) Balance Sheet (select one) Time Remaining: 24:44 SUBMIT AND MARK