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Your company has decided it wants to expand the business. In order to expand, you realize that you will need to get a loan from your bank. To get approved for a loan, your company must show the bank that the company's stockholders' equity has grown. You and your banker agree that you will meet again in one week. Prepare a report of your assessment of your company's business that you will present to the banker. 1. Use the updated general ledger balances prepared previously to prepare the following financial statements [in proper order): Income Statement Statement of Retained Earnings Balance sheet 2. Use the information on the financial statements to answer the following questions: a. Was your company profitable in 2020? b. Has the stockholders' equity grown? c. Can you expect to be approved for the loan? Give your reasons for your response. (Hint: Calculating some appropriate liquidity ratios, such as current ratio, cash ratio, acid- test ratio, etc. may help.] 3. If your company plans to establish another branch of the business in Panama City, Panama, what accounting standards will the company use to record the accounting activities and prepare the financial statements Report Format: 1. Cover page II. Introduction - giving the premise of the assignment/stating the purpose Problem Identification IV. Data Analysis - including the financial statements V. Recommendation VI. Conclusion Your company has decided it wants to expand the business. In order to expand, you realize that you will need to get a loan from your bank. To get approved for a loan, your company must show the bank that the company's stockholders' equity has grown. You and your banker agree that you will meet again in one week. Prepare a report of your assessment of your company's business that you will present to the banker. 1. Use the updated general ledger balances prepared previously to prepare the following financial statements [in proper order): Income Statement Statement of Retained Earnings Balance sheet 2. Use the information on the financial statements to answer the following questions: a. Was your company profitable in 2020? b. Has the stockholders' equity grown? c. Can you expect to be approved for the loan? Give your reasons for your response. (Hint: Calculating some appropriate liquidity ratios, such as current ratio, cash ratio, acid- test ratio, etc. may help.] 3. If your company plans to establish another branch of the business in Panama City, Panama, what accounting standards will the company use to record the accounting activities and prepare the financial statements Report Format: 1. Cover page II. Introduction - giving the premise of the assignment/stating the purpose Problem Identification IV. Data Analysis - including the financial statements V. Recommendation VI. Conclusion