Eric Shehan is a student working on an internship at Mahon Ltd. On December 31, 2020, the company had its year end. Erics boss brought him the following information:

These account amounts are correct, but Erics boss advised him that the information did not reflect the following information:

1.		Accrued interest of $6,000 on the notes receivable.
2.		Employees earned $81,000 in bonuses based on achieving sales targets. These are payable on January 10, 2021.
3.		Accrued interest on the note payable amounting to $6,000 is due in January 2021.
4.		As of December 31, 2020, the supplies still on hand had a cost of $6,000.
5.		The insurance expense includes $2,000 in premiums related to coverage for 2021.
6.		Depreciation for 2020 is $166,000 on the equipment.
7.		The companys board declared additional dividends of $250,000, which are payable to shareholders on January 15, 2021.

Determine the amounts that would appear in an adjusted trial balance for Mahon Ltd. as at December 31, 2020.

Prepare a statement of income for the year ended December 31, 2020.

Calculate the amount of retained earnings as at December 31, 2020.

Ending retained earnings, Dec. 31, 2020

$

Prepare a classified statement of financial position as at December 31, 2020. (Note: The note receivable and note payable are due in 2021.) (List Current Assets in order of liquidity.)

Accounts Payable Cash Notes Payable Inventory Common Shares Sales Revenue Retained Earnings (at January 1, 2020) Cost of Goods Sold Utilities Expense Interest Revenue Accounts Receivable Interest Expense $217,000 116,000 250,000 310,000 347,000 3,386,000 1,157,000 2,043,000 86,000 10,000 425,000 7,000 Wages Expense Notes Receivable Rent Expense Dividends Declared Supplies Insurance Expense Equipment Accumulated Depreciation, Equipment Miscellaneous Expense Unearned Revenue Advertising Expense $360,000 198,000 33,000 182,000 11,000 16,000 1,684,000 161,000 32,000 29,000 54,000 Mahon Ltd. Adjusted Trial Balance December 31, 2020 Credits Debits $ $ $ $ $ Mahon Ltd. Statement of Income