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Complete the Financial Statements (calculate the missing amounts) $ $ Queen Corporation Balance Sheet Dec 31 2020 Assets $ $ Current Assets Cash 110000 Accounts Receivable 40000 Merchandise Inventory 300000 Prepaid Expenses 20000 Total Current Assets Fixed Assets Furniture and Office Equipment 80000 Less: Accu Amort, Fur &Equip 10000 Machinery 260000 Less: Accu Amortization, Mac 12000 Building 420000 Less: Accu Amort, Building 72000 Land 550000 Total Fixed Assets Other Assets Goodwill 45000 Patents 35000 Total Other Assets Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts Payable 87000 Income Taxes Payable 25000 HST Payable 21000 Unearned Revenue 90000 Long-term Debt 43000 Total current liabilities Long-Term Liabilities Mortgage Payable 57000 Bonds Payable, 5%, due in 2030 135000 Total Long-term Liabilities Total Liabilities Shareholders' Equity Contributed Capital $4 Preferred shares, $100 each 10 000 authorized, 5 000 issued 500000 770000 Common shares, no par value, shares authorized, 50 000 issued Total Share Capital Additional Share Capital Contributed Surplus in Excess of Par Value - Preferred Total Contributed Capital Retained Earnings 100000 Total Shareholders' Equity Total Liabilities and Shareholders' Equity $ 1900 000 Queen Corporation Income Statement For the year ended December 31, 2020 $ Revenue Cost of Goods Sold Inventory, January 1, 2020 275,000 Add: Net Purchases 925,000 Cost of Goods Available 1,200,000 Less: Inventory, December 31, 2020 300,000 Cost of Goods Sold Gross Profit Operating Expenses Advertising Expense Administrative Expenses Amortization Furniture and Office Equipment Amortization Expense, Machinery Amortization Expense, Building Commissions Expense Office Supplies Expense Salaries Expense Total Operating Expenses 22,000 17,000 2,500 5,000 6,000 25,000 13,500 891,000 Net Income $ 30000 Queen Corporation Statement of Retained Earnings For the year ended December 31, 2020 Balance, January 1, 2020 Add: Net Income Subtotal Less: Cash Dividends Balance, December 31, 2020 20,000