Brown Inc. prepared the following adjusted trial balance on December 31, 2020, based on its first year of operations. Using this adjusted trial balance, prepare an income statement for the year ended December 31, 2020, and a balance sheet as of December 31, 2020. Adjusted Trial Balance December 31, 2020 Accounts Debit Credit Cash $ 8,250 $ Accounts receivable 3,750 Prepaid insurance 1,500 Other assets 6,500 Equipment, net 25,000 Accounts payable 5,000 Note payable 10,000 Common stock 10,000 Service revenue 50,000 Selling expenses 10,000 General and administrative expenses 18,750 Interest expense 1,250 Totals $75,000 $75,000