Justin Bieber is into Rental Business.

Plates, glasses, kitchen utensils, chairs and tables are rented out for
a fee. The balances of account of Justin for the year are as follows:

Communication Expense 18,000

Notes Receivable 198,000
Accumulated Depreciation-Land Improvements 110,000
Accumulated Depreciation- Office Equipment 120,000
Rent Revenue 1,361,500
Land Improvements 750,000
Cash in Bank 118,500
Depreciation Expense- Land Improvements 55,000
Depreciation Expense- Office Equipment 60,000
Bieber, Capital Beginning 1,193,500
Mortgage Payable 63,500
Bieber withdrawal 165,000
Land 75,000
Notes Receivable 60,000
Office Equipment 362,500
Office Supplies Expense 96,000
Office Supplies 28,000
Professional Development Expense 86,500
Rent Expense 52,500
Salaries Expense 735,000
Salaries Payable 30,500
Transportation Expense 41,000
Utilities Expense 18,000

During the year, Justin invested additional 22,000 in the business

Required:

Prepare Balance Sheet and Income Statement