Elizabeth Corporation, a property management & real estate company, is authorized to issue 50 000 6% cumulative preferred stock with a stated value of $20, and an unlimited number of no-par value common stock. There are currently 23 000 preferred shares issued, and 30 000 common shares issued. Given the information below, prepare an income statement, statement of retained earnings, and the shareholders' equity section of the balance sheet, for the year ended December 31, 2020. Common Stock 214,000 Retained Earnings, January 1 27,000 Contributed Capital in Excess of Stated Value Preferred Stock 90,000 Automobile Expense 13,500 Cash Dividends - Preferred 105,000 Property Management & Real Estate Fees Earned 376,000 Telephone Expense 8,500 General Expense Rent Expense Wages Expense Cash Dividends - Common Stock 5,700 25,000 115,000 95,000