Austin Enterprises was started by Daniel Austin. During the current year, Daniel Austin invested $8,000 in the business. Based on the following end-of-period spreadsheet, prepare an income statement, statement of owner's equity, and balance sheet for Austin Enterprises for the year ended December 31. 
Definitions:
Current Liabilities
Obligations that are due for payment within the next operating cycle or year, including accounts payable and short-term loans.
Warranty Repairs
Services offered for free or at a reduced cost to fix defects in products covered under a warranty period.
Product Warranty Expense
Costs that a company incurs for repairing, replacing, or servicing products under warranty.
Sales
The total revenue generated from the sale of goods or services by a company during a specified period.
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