oan Payable (in 3 years) Prepaid Rent $35,000 Rent Expense $25,000 Common Shares $7,000 Wages Payable $10,000 $15,000 Salaries Expense $150,000 Cash $5,000 Cost of Goods Sold $270,000 Advertising Expense $50,000 Insurance Expense $10,000 Accounts Receivable Sales $15,000 Depreciation Expense $20,000 $550,000 Income Tax Expense $10,000 Accounts Payable $12,000 Dividend Declared $15,000 Equipment (Net of Accum Depn) $50,000 Rent Revenue $10,000 $25,000 2 Retained Earnings (Oct 1, 2019) $20,000 Inventory 3 14 15 Required: (15 marks) 16 17 1.Prepare a statement of income on the form provided on the below. (7 marks) 18 19 20 Sheet1 New... acer