Assignment 1B core: 0 of 5 pts 2 of 3 (0 complete HW Score: 1-22 (similar to) Question Amounts of the assets and liabilities of Terrace Associates Inc, as of December 31, 2020. ure given as follows. Also included are revenue and expense figures for the year anded on that date amount in million) Click the icon to view the amounts.) Requirements 1. Prepare the income statement of Terrace Associates in for the year ended December 31, 2020 2. What amount of dividends sd Terrace declare during the year anded December 31, 20207 Hint Prepare a statement of retained earnings Amounts Revenue Expenses Property and equipment et Investment Long-term $Totale T Rocables 7 Cartables 17 Commons 135 Others 15 Total expenses T Net Income Decors tax Ratained earnings being Rubine camins ending 21 Salary and the expand 2 Other Choose from any to enter any number in the input fields and then click Check Asli Pant Bone 1 pan remaining FF D Toe here inch AM ca Assignment 1B core: 0 of 5 pts 2 of 3 (0 complete HW Score: 1-22 (similar to) Question Amounts of the assets and liabilities of Terrace Associates Inc, as of December 31, 2020. ure given as follows. Also included are revenue and expense figures for the year anded on that date amount in million) Click the icon to view the amounts.) Requirements 1. Prepare the income statement of Terrace Associates in for the year ended December 31, 2020 2. What amount of dividends sd Terrace declare during the year anded December 31, 20207 Hint Prepare a statement of retained earnings Amounts Revenue Expenses Property and equipment et Investment Long-term $Totale T Rocables 7 Cartables 17 Commons 135 Others 15 Total expenses T Net Income Decors tax Ratained earnings being Rubine camins ending 21 Salary and the expand 2 Other Choose from any to enter any number in the input fields and then click Check Asli Pant Bone 1 pan remaining FF D Toe here inch AM ca