Nora Ltd, manufactures small gadgets. Below is a list of accounts and their unadjusted balances as at December 30, 2012 - prepared one day before the company's fiscal year end. Each account has a "normal" debit or credit balance, as the term is defined in the textbook. Accumulated depreciation $50,000 Cash 5,000 Cost of Goods Sold 1,000,000 Equipment. 102,000 General and administrative expenses 88,000 Inventories 200,000 Land 1,400,000 Notes payable (6%, 20 years, due De ber 31, 1,000,000 2020) Rent revenue 20,000 Retained earnings 81,000 Sales revenue 1,900,000 Share capital (150,000 shares) 150,000 Small tools 20,000 Trade payables 45,000 Trade receivables 75,000 Wages expenses 356,000 You have obtained the following information: The company declared cash dividend of 10 cents ($0.10) per share on December 31, 2012. The dividend is to be paid in January 2013. The company received a $3,000 deposit on December 31, 2012 for work to be commenced . As of December 31, 2012, wages carned but not yet paid totaled 4,000. Small tools worth $9,000 were on hand on December 31, 2012. The equipment's useful life is ten years and its residual value is $2,000. The company uses the straight-line method to record depreciation. Note payable was signed on January 1, 2011. Principal and interest due at maturity The company is subject to an income tax rate of 20%. Required 1. Record journal entries and all necessary adjusting entries. (8 Marks) 2. Prepare in proper form a classified ("multi-step") income statement for fiscal year 2012 (11 Marks) 3. Prepare in proper form a classified statement of financial position (balance sheet) as at December 31, 2012. (11 Marks)