Betts Bowling Supplies currently is authorized to issue 50,000 5% cumulative preferred stock with a stated value of $15 and an unlimited number of no par value common stock. There are currently 10,000 preferred shares issued and 25,000 common shares issued. Common Stock Retained Earnings Contributed Capital in Excess of Stated Value - Preferred Stock Hydro Expense Rent Expense Preferred Stock Automobile Expense Wages Expense Fees Earned (Revenue) Cash Dividends Common Cash Dividends - Preferred General Expense $110,000 $25,000 $62,000 $3,400 $9,200 $150,000 $2,000 $5,800 $110,000 $8,500 $7,500 $2000 i) a) With the information above and below, prepare the following financial statements using the templates provided Income Statement ii)Statement of Retained earnings iii) The shareholders' equity section of the balance sheet, for the year ended December 31, 2020