Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas; not all answers will be turned in. Once submitted, your answers cannot be changed, but where appropriate, partial credit will be given. For future reference, you should keep a copy of your answers (outside of Canvas) as they will not be available to view given the nature of the grading process. The Duluth Company was founded on January 1, 2019. Since then, the company has been fairly successful; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative report of year-end account balances appears below; all numbers are as of December 31st unless noted otherwise. Cash 2022 2021 15,000 Retained earnings, Dec. 31 Supplies ? 25,000 143,000 4,000 6,000 Dividends Common stock Payroll expense Cost of goods sold Accounts payable Revenues 50,000 50,000 17,000 4,000 132,000 130,000 483,000 ? 15,000 12,000 711,000 689,000 Rent expense 14,000 14,000 Notes payable ? 48,000 Equipment 219,000 ? Selling, administrative and supplies expenses 13,000 10,000 Retained earnings, Jan. 1 ? 88,000 Accounts receivable 36,000 16,000 Required: a. Prepare an income statement, statement of retained earnings and a balance sheet for each year and determine the missing values. b. During January of 2023, the company had the following transactions: Jan. 1 Paid rent of $1,600 for the month Jan. 2 Paid $590 for advertising Jan. 4 Jan. 6 Jan. 10 Purchased $3,200 of equipment Jan. 14 Purchased $400 of supplies on account Made a bank loan payment of $800 Dividend of $1,400 is paid to owners Jan. 19 Paid utility bill of $550 for the month Jan. 25 Sold services to customers for $7,200 on account Jan. 26 Received $6,000 from customers on account Jan. 31 Jan. 31 Paid employee payroll of $11,400 Supplies still on hand were reported at $3,000 Prepare a tabular analysis for January, record the transactions and then prepare a statement of cash flows, income statement, statement of retained earnings and balance for the company.