Data from the question - Salaries Expense Share Capital Accounts payable Supplies Inventory Land Advertising Expense Sales Cost of Goods Sold Miscellaneous Expense $91,500 40,000 57,000 23,200 122,800 36,000 24,000 400,200 143,000 35,700 Accounts receivable Insurance Expense Income Tax Expense Accumulated Depreciation-Equip. Note payable (due July 30, 20x9) Cash Equipment Unearned Revenue Depreciation Expense Interest Expense $86,500 10,800 22,700 30,000 103,600 17,800 60,000 52,600 15,000 4,500 Your answer - Question 3 The following items were taken from the December 31, 20x4 financial statements of Hoffer Inc. Salaries Expense $ 91,500 Accounts receivable $ 86,500 Share Capital 40,000 Insurance Expense 10,800 Accounts payable 57,000 Income Tax Expense 22,700 Supplies 23,200 Accumulated Depreciation - 30,000 Equip. Inventory 122,800 Note payable (due July 30, 103,600 20x9) Land 36,000 Cash 17,800 24,000 Equipment 60,000 Advertising Expense Sales 400,200 Unearned Revenue 52,600 Cost of Goods Sold 143,000 Depreciation Expense 15,000 Miscellaneous Expense 35,700 Interest Expense 4,500 The beginning retained earnings balance was $18,100. Dividends of $8,000 were declared and paid during the year. Required: a) 20x4. Prepare a Statement of Income for the year ending December 31, b) Calculate Retained Earnings as at December 31, 20x4