(Answered) 1 the following is selected financial information for

Accounting

1. The following is selected financial information for Affiliated Company as of December 31, 2011: liabilities, $34,000; equity, $56,000; assets, $90,000.

Required

Prepare the balance sheet for Affiliated Company as of December 31, 2011.

2. The following is selected financial information for Sun Energy Company for the year ended December 31, 2011: revenues, $65,000; expenses, $50,000; net income, $15,000.

Required

Prepare the 2011 calendar-year income statement for Sun Energy Company.

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