Using the T-accounts (below) prepare the year-end income statement, statement of retained earnings, and balance sheet for 2016. Be sure to use proper form in preparing your financial statements, including proper headings and dating of the financials.

T accounts
	Cash				Rent Receivable
Opening balance	$ 140,000	$ 6,000		Opening balance	$ -
		$ 100,000			$ 20,000
Ending balance	$ 34,000			Ending balance	$ 20,000
	Allowance for doubtful accounts				Prepaid insurance
Opening balance		$ 1,000		Opening balance	$ 48,000	$ 14,000
		$ 3,000
Ending balance		$ 4,000		Ending balance	$ 34,000
	Buildings				Equipments
Opening balance	$ 900,000			Opening balance	$ 300,000
	$ 400,000				$ 100,000
Ending balance	$ 1,300,000			Ending balance	$ 400,000
	Accumulated depreciation on building				Accumulated depreciation on equipment
Opening balance		$ 200,000		Opening balance		$ 100,000
		$ 4,000				$ 1,667
Ending balance		$ 204,000		Ending balance		$ 101,667
	Retained earning				Dues revenue
Opening balance	$ 10,000	$ 141,500		Opening balance	$ 260,000	$ 300,000
Ending balance		$ 131,500		Ending balance		$ 40,000
	Rent revenue				Supplies expense
Opening balance		$ 220,000		Opening balance	$ 6,000	$ 2,000
		$ 20,000
Ending balance		$ 240,000		Ending balance	$ 4,000
	Note payable				Dividend payable
Opening balance		$ -		Opening balance		$ -
		$ 400,000				$ 10,000
Ending balance		$ 400,000		Ending balance		$ 10,000
	Insurance expense				Bad dept expense
Opening balance	$ -			Opening balance	$ -
	$ 14,000				$ 3,000
Ending balance	$ 14,000			Ending balance	$ 3,000
	Advertisement expense				Depreciation expense
Opening balance	$ -			Opening balance	$ -
	$ 6,000				$ 4,000
Ending balance	$ 6,000				$ 1,667
				Ending balance	$ 5,667
	Advertisement expense payable				Property tax payable
Opening balance		$ -		Opening balance		$ -
		$ 6,000				$ 25,000
Ending balance		$ 6,000		Ending balance		$ 25,000
	Property tax expense				Accrued interest
Opening balance	$ -			Opening balance		$ -
	$ 25,000					$ 8,000
Ending balance	$ 25,000			Ending balance		$ 8,000
	Supplies				Interest expense
Opening balance	$ 2,000			Opening balance	$ 8,000
Ending balance	$ 2,000			Ending balance	$ 8,000
	Accounts receivable				Land
Opening balance	$ 40,000			Opening balance	$ 200,000
Ending balance	$ 40,000			Ending balance	$ 200,000
	Common stock				Greens Fee Revenue
Opening balance		$ 800,000		Opening balance		$ 775,500
Ending balance		$ 800,000		Ending balance		$ 775,500
	Utilities expense				Salaries and wages expense
Opening balance	$ 230,000			Opening balance	$ 400,000
Ending balance	$ 230,000			Ending balance	$ 400,000
	Maintenance expense				Revenue
Opening balance	$ 280,000			Opening balance		$ 260,000
Ending balance	$ 280,000			Ending balance		$ 260,000