Exercise 3-11 The adjusted trial balance of Gary Cooper Co. as of December 31, 2020, contains the following. GARY COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $20,892 Accounts Receivable 8,340 Prepaid Rent 3,700 Equipment 19,470 Accumulated Depreciation- Equipment $6,315 Notes Payable 7,120 Accounts Payable 6,892 Common Stock 21,420 Retained Earnings 12,730 Dividends 4,420 Service Revenue 13,010 Salaries and Wages Expense 8,260 Rent Expense 2,154 Depreclation Expense Interest Expense Interest Payable 251 189 189 $67,676 $67,676 Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) GARY COOPER CO. Income Statement For the Year Ended December 31, 2020 Revenues Service Revenue 13010 Expenses Salaries and Wages Exp 8260 Rent Expense 2154 Depreciation Expense 251 Interest Expense 189 10854 Total Expenses 2156 Net Income / (Loss) Prepare a statement of retained earnings. (List items that increase retained earnings first.) GARY COOPER co. Statement of Retained Earnings For the Year Ended December 31, 2020 13010 Retained Earnings, January 1 2156 Net Income / (Loss) Add 4420 Dividends Less 10746 Retained Earnings, December 31 GARY COOPER CO. Balance Sheet x December 31, 2020 Assets Current Assets Cash 20892 Accounts Receivable 8340 Prepaid Rent 3700 Total Current Assets 19470 Equipment 6315 Accumulated Depreciation- Less Total Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current Liabilities Notes Payable 7120 Interest Payable 189 Accounts Payable 6892 Total Current Liabilities 14201 Stockholders' Equity 21420 Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity#