Preparing Financial Statements The adjusted trial balance of Mortona Inc. as of December 31, 2020, follows. Adjusted Trial Balance December 31, 2020 Acct. No. Account Debit Credit 100 Cash $28,800 $ 104 Accounts receivable 56,000 105 Allowance for doubtful accounts 2,840 106 Inventory 64,000 108 Prepaid insurance 3,840 150 Land 9,160 155 Building 160,000 156 Equipment 48,000 162 Accumulated depreciation 10,000 202 Accounts payable 60,000 204 Salaries payable 3,600 208 Deferred service revenue 1,600 210 Interest payable 400 240 Note payable 120,000 302 Common stock 148,000 304 Retained earnings 9,600 310 Dividends 4,000 400 Sales revenue 400,000 402 Service revenue 20,000 510 Costs of goods sold 192,000 512 Salaries expense 184,000 520 Repair expense 1,600 526 Insurance expense 2,880 528 Depreciation expense 10,560 540 Interest expense 9,600 542 Bad debt expense 1,600 Totals $776,040 $776,040 Income Statement Statement of Stockholders' Equity Balance Sheet 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. Monona Inc. Income Statement For the Year Ended December 31, 2020 Revenues $ D Total revenues Expenses Bad debt expente Total expenses $ 0 0 $ B Please answer all parts of the question Income Statement Statement of Stockholders' Equity Balance Sheet b. Prepare the statement of stockholders' equity for the year ended December 31, 2020. Assume that the common stock was issued prior to 2020. Note: Do not use negative signs with any of your answers. Monona Inc. Statement of Stockholders' Equity For the Year Ended December 31, 2020 Total Stockholders' Common Stock Retained Earnings Equity Balance, January 1, 2020 05 05 0 Issuance of common stock O 0 3 0 Less: Dividends O 0 Balance, December 31, 2020 05 05 0 Please answer all parts of the question c. Prepare the balance sheet on December 31, 2020 Note: Do not use negative signs with any of your answers. Monona Inc. Balance Sheet December 31, 2020 Assets Cash $ 0 0 0 Less: Allowance for doubtful accounts Inventory Land " 0 0 Building O 0 Less: Accumulated depreciation 0 0 Total assets 0 Liabilities Accounts payable $ Salaries payable Interest payable Notes payable Total liabilities Stockholders' Equity Common stock Total stockholders' equity Total liabilities and stockholders' equity Please answer all parts of the question. S 000000 0000