[35 points] Colleges-R-Us Inc. is at the end of 2020, the firm must prepare and file their financial statements with the SEC. However, the Columbus virus has infected the accountants computer and scrambled the financial statements. All of the account balances except Retained Earnings are CORRECT.

REQUIRED: You must use the data to reconstruct the classified Balance Sheet and Income Statement for 2020.

Retained Earnings	?????		Equipment	$90,000
Income Tax Expense	$85,000		Accumulated Depreciation	$17,700
Accounts Receivable	$2,400		Service Revenue	$202,000
Operating Expense	$35,300		Taxes Payable	$7,100
Cash	$43,900		Land	$205,000
Utilities Expense	$36,700		Interest Payable	$8,400
Rent Revenue	$27,300		Prepaid Insurance	$12,000
Common Stock	$150,000		Loan Payable (DUE in 2025)	$52,400
Office Supplies	$24,200		Salary Expense	$31,900
Depreciation Expense	$1,600		Accounts Payable	$33,200

Additional information

- Shoes did not declare or pay any dividends during 2020.

- The Retained Earnings at the start of 2020 were $69,900

- Please LABEL your numbers. If you dont have proper labels for your numbers, you wont receive any points.