Use the following adjusted trial balance of Webb Trucking Company to prepare the

(1) Income statement and

(2) Statement of owner’s equity, for the year ended December 31, 2011.

The K. Webb, Capital, account balance is $161,000 at December 31,2010.

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Account Title Credit Accounts receivable. .16.500 Trucks Trucks Land... 75,000 ts payable Interest payable. Long-term notes payable K. Webb. WithdrawalsW Trucking fees earned Depreciation expense-Trucks Salaries expense.... Office supplies expense Repairs expenserucks 60,000 $390,000 $390,000