Use the Income Statement Template provided for you for this assignment. 1. Using the template and the following expanded ledger accounts, create an income statement for Parts Depot Inc (owner: Frank Smith). Date the Income Statement for the year ended December 31, 2020. Be sure to place the accounts in the correct order and provide a correct format. Hint: Not all accounts will be used. 2. Use formulas to determine the net incomeetloss of the fiscal period and the total revenues/expenses. 3. Explain, with the net income/loss obtained, how this figure would affect the capital account of the company Accounts Balances Accounts Balances Accounts Payable 31.255 Equipment 17,800 Accounts Receivable 7.540 Fees Earned 74 175 Automobile 41.520 General Expense 3,985 Bank 31.600 Land 74.560 Beginning Capital 99,000 Loan Payable 21,500 Building 65,000 Mortgage Payable 32,480 Car Expense 13,600 Postage Expense 415 Parts Depot Income Statement Assignment Instructions Commissions Earned 42,590 Rental Expense 7,640 Drawings 7,520 Wages Expense 29,820 2 3 5 5 T 19 1 12 10 21 22 Tank 3 Explain, with the net income / loss obtained how this figure would affect the capital account of the company A 0 E F G . K Task 3. Explain, with the net income / loss obtained how this figure would affect the capital account of the company. 2 Answer 24 30 29 30 23 33 UJAS. esc a # 3 $ 4 % 5 & 7 2 6 8