ACCOUNTING OVEMBER 2021 25 MARKS Question 1 [10 marks] Several amounts from Kamogelo Company at December 31, 2020, are listed below. Salaries expense Rent expense Service revenue R245,000 Dividends declared and paid 15,000 Buildings 110,000 Accounts payable 40,000 Capital stock 60,000 Land R109,000 36,000 100,000 28,000 40,000 Accounts receivable Retained earnings, Jan. 1, 2020 Utilities expense 19,000 Income tax payable Notes payable Income tax expense 4,000 30,000 11,000 Required: Answer the following questions: 1. Calculate net income for 2020. 2. How much is Kamogelo Company's retained earnings at the end of 2020? What primary asset account is missing? 3