On December 31, 2019, Clean and White Linen Supplies Ltd. had the following account balances: In 2020, the following transactions occurred: 1. On January 1, paid $5.400 for a three year fire insurance policy. 2. Purchased additional uniform inventory on credit for $137,900. 3. Sold uniforms for $190,600 on account. The inventory that was sold had been purchased for $100,000. 4. Performed cleaning services for customers for $528,900. One-quarter of this amount was paid in cash and the remainder was on account. 5. Paid $150,800 to suppliers to settle some of the accounts payable. 6. Received $246,000 from customers to settle amounts owed to the company. 7. Paid $16,700 for advertising. 8. At the end of 2020 , paid the interest on the bank loan for the year at the rate of 7%, as well as $34,200 on the principal. The remaining principal balance is due in three years. 9. Received a $3,000 dividend from the long-term investment. 10. Paid $17,800 for utilities for the year. 11. Declared and paid dividends of $14,300 at the end of the year. 12. Paid $102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December. 13. Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2017 , and it was expected to last 10 years and have a residual value of $30.000. The company depreciates its equipment using the straightline method. 14. Made an adjustment for the cost of the insurance that expired in 2020. Prenare a statement of income for 2020 . Dividends Expenses Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Reyenuses Total Expenses Total Reverues