Insomniacs Coffee Ltd., a mobile coffee company, had the following account balances at the end of December 2020: Cash $121,000 Accounts payable 343,000 Dividends declared 179,000 Sales revenue 2,924,000 Inventory 307,000 Advertising expense 79,000 Common shares 100,000 Prepaid insurance 23,000 Wages expense 509,000 Equipment 1,250,000 Rent expense 182,000 Wages payable 45,000 Cost of goods sold 1,651,000 Depreciation expense 81,000 Loan payable 798,000 Interest expense 42,000 Accounts receivable 183,000 Retained earnings (as at 397,000 January 1, 2019) (a) Prepare a statement of income for the year ended December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)