AgencyStack has shared its reports of the following accounts and balances as of December 31, 2020: [20] Cash 24,400 Land 82,400 Machine 129,200 Accounts Receivable 18,800 Merchandise Inventory 63,600 Paid-in Capital 200,000 Long-term Note Payable 79,200 Short-term Note Payable 14,400 Cost of Goods Sold 80,000 Accounts Payable $22,800 Sales Revenue 122,000 Operating Expenses 40,000 Retained Earnings ?

Required: Prepare a balance sheet at December 31, 2020. Also, prepare an income statement for the year ended December 31, 2020.

3) AgencyStack has shared its reports of the following accounts and balances as of December 31, 2020: [20] 24,400 82,400 129,200 18,800 63,600 Cash Land Machine Accounts Receivable Merchandise Inventory Paid-in Capital Long-term Note Payable Short-term Note Payable Cost of Goods Sold Accounts Payable Sales Revenue Operating Expenses Retained Earnings 200,000 79,200 14,400 80,000 $22,800 122,000 40,000 ? Required: Prepare a balance sheet at December 31, 2020. Also, prepare an income statement for the year ended December 31, 2020