1. Calculate the balance at year end in retained earnings at June 30, 2020.

The account balances presented below are from the financial records of M Sport Inc. as at June 30, 2020. The accounts are presented in alphabetical order and the balances in the accounts are normal balances. Balance 22,000 Account title Accounts payable Accounts receivable Accumulated depreciation - building Accumulated depreciation - equipment Building 12,700 19,500 22,000 76,000 Cash 28,300 Common shares 30,000 Cost of goods sold Deferred revenue 335,000 7,500 15,200 Depreciation expense Dividends declared 20,000 Equipment 50,000 Income tax expense 5,300 3,900 Insurance expense Interest expense 1,600 Interest income 3,300 Land 120,000 54,800 Mortgage payable Prepaid insurance 1,800 Rent expense 46,700 Retained earnings, July 1 108,800 96,300 Salaries expense Salaries payable 1,300 Sales 540,000 900 Supplies Additional information: $4,500 of the mortgage payable is due to be repaid within the next year. Required: A. Prepare a multi-step statement of income. (6 marks)