On December 31, 2019, Clean and White Linen Supplies Ltd. had the following account balances: Cash $ 90,000 Accumulated Depreciation, Equipment $ 90,000 Accounts Receivable 96,000 Accounts Payable Inventory 60,000 Wages Payable Supplies 2,000 Bank Loan Payable Long-Term Investment 80,000 Common Shares Equipment 330,000 Retained Earnings In 2020, the following transactions occurred: 1. On January 1, paid $3,900 for a three-year fire insurance policy. 2. Purchased additional uniform inventory on credit for $120,000. 60,000 8,000 150,000 250,000 100,000 3. Sold uniforms for $180,000 on account. The inventory that was sold had been purchased for $100,000. 4. Performed cleaning services for customers for $520,000. One-quarter of this amount was paid in cash and the remainder was on account. 5. Paid $130,000 to suppliers to settle some of the accounts payable. 6. Received $246,000 from customers to settle amounts owed to the company. 7. Paid $12,000 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 $30,000 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 $15,000 for utilities for the year. 11. Declared and paid dividends of $12,000 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 using the straight-line method. 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. 14. Made an adjustment for the cost of the insurance that expired in 2020. Required a. Using the Q-T Method, enter the Opening Balances and post all the necessary transactions for the year. (Normal Transactions, Adjusting Entries and Closing Entries). b. Prepare a statement of income for 2020. c. Prepare a statement of financial position for 2020