QUESTION 1 At December 31 2020 (the end of its second year of operations), Happy Corporation had the following balances in its accounts: Accounts Payable 35 Accounts Receivable 45 Accumulated Depreciation - Building 12 Building 43 Building expenses 38 Cash 410 Common Shares 200 Cost of Goods Sold 800 Depreciation Expense 16 Income tax payable 45 Income tax expense 80 Interest Expense 10 Interest Payable 6 Inventory 15 Mortgage Receivable 44 Mortgage Payable 190 Pre-paid expenses 16 Rent Expense 99 Retained Earnings See below Sales 922 1,000 Other information: During the year $50 of dividends were paid to the shareholders. Retained Earnings at the Beginning of the period were $256 REQUIRED: Prepare the following financial statements: Classified Balance Sheet Income Statement Statement of Retained Earnings