Required information Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: H&E Tool, Inc. Trial Balance on January 1, 2020 Credit Debit B,000 7.000 16,000 93,000 13,000 12,000 Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (12,000 shares, $.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Total 6,000 95,000 22,000 126,000 126,000 Transactions during 2020 follow: a. Borrowed $20,000 cash on a 5-year, 6 percent note payable, dated March 1, 2020. b. Purchased land for a future building site; paid cash, $16,000. c. Earned $255,000 in revenues for 2020, including $54,000 on credit and the rest in cash. d. Sold 6,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $95,000 in wages expense and $30,000 in miscellaneous expenses for 2020, with $25,000 on credit and the rest paid in cash, f. Collected accounts receivable, $39.000. g. Purchased other assets, $16,000 cash. h. Purchased supplies on account for future use, $28,000. i. Paid accounts payable. $27,000. j. Signed a three-year $34,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1, $26,000, which were paid by December 31. Data for adjusting entries: 1. Supplies counted on December 31, 2020, $19.000 m. Depreciation for the year on the equipment, $15,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid $18,000. p. Income tax expense. $14,000, payable in 2021. 4. Prepare an income statement (including earnings per share), statement of stockholders' equity, and balance sheet. (For the Statement of Stockholders' Equity and Balance Sheet only, items to be deducted must be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity Prepare an income statement (including earnings per share). (Round "Earnings per share" to 2 decimal places.) H&H TOOL, INC. Income Statement For the Year Ended December 31, 2020 Operating revenues: Operating expenses. Total operating expenses 0 Other item Eamings per share 4. Prepare an income statement (including earnings per share), statement of stockholders' equity, and balance sheet. (For the Statement of Stockholders' Equity and Balance Sheet only, items to be deducted must be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Balance Sheet Equity Prepare an statement of stockholders' equity. H&H TOOL, INC. Statement of Stockholders' Equity For the Year Ended December 31, 2020 Additional Common Paid-in Stock Capital Retained Earnings Total Stockholders' Equity $ 0 Balance, January 1, 2020 0 0 0 Balance, December 31, 2020 0 Income Statement Balance Sheet > Stmt of Income Stockholders Balance Sheet Statement Equity Prepare an balance sheet. (Items to be deducted must be indicated with a minus sign.) H & H TOOL, INC. Balance Sheet At December 31, 2020 Assets Liabilities Current liabilities: Current assets: Cash Accounts receivable Supplies Total current liabilities 0 Total current assets Property, plant and equipment: Total liabilities 0 Stockholders' equity Net property, plant and equipment 0 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 0 $ 0