iv) Prepare the financial statements for the month ended October 31, 2020. Northern Reflections Balance Sheet As at September 30, 2020 Assets Current Assets Cash $27,200 Accounts Receivable 16,000 Merchandise Inventory 13,000 Total Current Assets 56,200 Proptery, Plant & Equipment Equipment 130,000 Accumulated Depreciation -35,000 95,000 Total Assets $151,200 Liabilities Current Liabilities Accounts Payable $16,200 Current Portion of Bank Loan 6,000 Total Current Liabilities $22,200 Non-Current Liabilities Non-Current Portion of Bank Loan 18,000 Total Liabilities $40,200 Shareholders' Equity Common Shares 50,000 Retained Earnings 61,000 Total Shareholders' Equity 111,000 Total Liabilities & Equity $151,2001) Prepare a multistep income statement. Sample statement on page 210 in your text. Northern Reflections Income Statement For the Month Ended October 31, 20202) Prepare a calculation of retained earnings Calculation of Retained Earnings For the Month Ended October 31, 2020 Retained Earnings, October 1, 2020 Add: Net Income Retained Earnings, October 31, 2020 3) Prepare a classified balance sheet. Assume that $6,000 of the bank loan will be paid off in the next year. Sample statement on page 167 in your text. Northern Reflections except replace Capital with Retained Earnings as Balance Sheet calculated above and Common Shares. As at October 31, 2020