Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts...

Extracted text: Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts Payable Accounts Receivable Accumulated Building Accumulated Equipment Advertising Expense Art Revenues Building Cash Depreciation Expense Equipment Interest Expense 122,500 Land 219.000 Miscellaneous Expense 60,000 Mortgage Payable 120,000 24,600 Depreciation- 395,000 Depreciation- 60,000 Notes Payable 213,000 105,000 Office Supplies 1,437,500 Blanche, Capital (1/1/2020) 450,000 Blanche, Withdrawals 36.200 Representation Expense 60,000 Salaries Expense 217,000 Salaries Payable 37,000 Travel Expense 17,200 50,500 148,600 164,000 673.200 17,300 159,000 During the year, Blanche invested additional P75,000 in the busines ness.