9)The adjusted trial balance for Fine Porter Inc. as of December 31, 2020, is shown below.

Prepare the income statement and statement of retained earnings for the year ended December 31, 2020.

Fine Porter Inc.

Adjusted Trial Balance December 31, 2020 Debit Credit

Cash $30,500

Accounts receivable 23,200

Supplies 3,950

Prepaid insurance 2,600

Equipment 48,500

Accumulated depreciation-equipment $18,800

Accounts payable 3,500

Unearned service revenue 8,700

Salary payable 1,650

Common shares 24,000

Retained earnings 20,000

Dividends 6,000

Service revenue 70,300

Salary expense 25,850

Supplies expense 1,850

Insurance expense 700

Depreciation expense-equipment 900

Utilities expense 29,000