Required: 1. Using the trial balance provided, prepare in good format, a statement of financial position, statement of retained earnings and a statement of income. Fruit Theory Fitness Trial balance For the period ending December 31, 2020 Debit Credit I $15540 10000 15000 Cash Accounts receivable PPE - Equipment Accounts payable Taxes payable Retained earnings Common shares Revenues Salaries expense Rent expense Office expense $25000 5000 5000 1000 79540 50000 10000 15000 Totals $115,540 $115,540 Type up your required statements below. Add as much space as you need. Do NOT type them in excel and then cut and paste them into this space. 2. Prepare the required journal entries in good format below the following box of information. If no entry is required, make sure to note this. EVENT DATE 1 Jan 1 2 Jan 1 3 Jan 5 4 Jan 31 5 6 7 Jan 31 Feb 1 Feb 28 TRANSACTION You give your business $1000 for 1000 shares in the business Your monthly rent is $500. The rent is due on the first day of each month. You hire two personal trainers for $5000 each per month. The trainers are paid on the last day of each month. Company provides personal training to 5 customers during the month. The bill to these customers totals $30,000. The customers pay in full on January 31. Personal trainers are paid Rent is due and paid Company provides personal training to 8 customers during the month. The total bill is $35,000 and customers pay $25,000 of these bills. Personal trainers are paid Rent is due and paid The remaining $10,000 of February training services is received in cash 8 9 Feb 28 March 1 March 1 10