Question No.3: (22 Marks) (L03) AICI: ADJUSTED TRIAL BALANCE December 31, 2019 Saks Notes Receive metents(short Term Accounts Payable Accumulated Depreciation Limit Sales Discount Sales Retur Purchase Discounts DEN Credits 1.481335 132.000 146.035 34.150 51,150 17,325 28.875 13.200 Accounts Receivable 313.500 Rent Revenue 212.850 Retained in 23.100 396000 Salaries Payable 36,300 Notes Payable 131.750 Common Stock S15 par 95.000 Income Tax Expense 112.200 Cash Dividends Declared 115.500 Allowance for Double Account 10,725 Supplies on Hand 1150 Freihin 26,400 Short term Imestment 82.500 Freight-out 24,750 Sales comision 349,800 Correction for understatement of prior perioden (every wor) $2,500 Other Operating Expenses (30% Sling 20% Administrative) 183,100 Land 107,250 Provision for Had and Dead Account 56.100 Equipment 214.500 Merchandise Inwentary 130,150 171.000 R25.000 Purchases 41.350 Dividend Income 21.450 Lassen Sake of loven HURSO Interest Reverse Interest Expense 20.625 165.000 Bands Payable 40,435 Calon Sak of Land 33.000 Accumulated Depreciation Building 10,725 Accumulated Deprecate-Land 3,258,750 3.258,750 Total The company uses the periodic inventory system. A physical count of inventory on December 31 resulted in an inventory amount of $20,000. The company outstanding 20000 shares with shareholders. Instructions (a) Prepare an income statement for the year ending December 31, 2019 using the Multi- step form. Assume that twenty thousand shares of common stock were outstanding the entire year. (10 Marks) (b) Prepare a retained earnings statement for the year ending December 31, 2019. (5 Marks) (c) Prepare Single-Step Income Statement (Show all working on a separate page). (7 Marks)