Following are the amounts of the assets and liabilities of Oriental Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year.

During the current year, Sung withdrew $25,000.
Accounts payable 115,000
Accounts Receivable 370,000
Cash 210,000
Fees earned 1,100,000
Land 300,000
MISC 7,000
Rent 150,000
Supplies 20,000
Supplies expenses 14,000
Utilities 79,000
Wages 490,000

Instructions:
1.   Prepare an income statement for the current year end December 31, 2014.
2.   Prepare a statement of owners's equity for the current year ended December 31, 2014.
3.   Prepare a balance sheet as if December 31, 2014.
4.   What item appears on both the statement of owner's equity and the balance sheet?