Preparing Financial Statements The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance December 31, 2020 Account Acct. No. Debit Credit Acct. No. Account Debit Credit 100 Cash $28,800 $ 104 Accounts receivable 56,000 105 Allowance for doubtful accounts 2,840 106 108 Inventory Prepaid insurance Land 64,000 3,840 9,160 150 155 156 162 202 204 208 Building Equipment Accumulated depreciation Accounts payable Salaries payable Deferred service revenue Interest payable Note payable Common stock Retained earnings Dividends 210 240 302 304 310 160,000 48,000 10,000 60,000 3,600 1,600 400 120,000 148,000 9,600 4,000 400,000 20,000 192,000 184,000 1,600 2,880 10,560 9,600 1,600 $776,040 $776,040 400 Sales revenue 402 510 512 520 526 Service revenue Costs of goods sold Salaries expense Repair expense Insurance expense Depreciation expense Interest expense Bad debt expense Totals 528 540 542 a. Prepare the income statement for the year ended December 31, 2020. b. Prepare the statement of stockholders' equity for the year ended December 31, 2020. Assume that the common stock was issued prior to 2020. C. Prepare the balance sheet on December 31, 2020 Income Statement Statement of Stockholders' Equity Balance Sheet I a. Prepare the income statement for the year ended December 31, 2020. Note: Enter revenues and expenses in the order of the largest dollar amount to the smallest dollar amount. Note: Do not use negative signs with any of your answers