SECTION B (80 marks) Answer ALL questions from this section. QUESTION 1 (28 marks) The following balances are extracted from the books of Vander Company at the end of December 31, 2020: Accumulated depreciation - equipment 18,500 Accounts payable 31.580 Salary payable 10,500 Share capital 70,000 Retained earnings 49,500 Uneamed service revenue 25,800 Depreciation expense - equipment 3,800 Salary expense 74,100 Rental expense 180,000 Supplies expense 2,450 Service revenue 289,000 Cash 11.050 Accounts receivable 125,780 Supplies 3,500 Prepaid rent 30,000 Equipment 46,200 Dividends 18.000 Required: (a) Prepare the Income Statement of Vander Company for the year ended December 31, 2020. (7 marks) (b) Prepare the Statement of Retained Earnings of Vander Company for the year ended December 31, 2020. (5 marks) (c) Prepare the Statement of Financial Position of Vander Company as at December 31, 2020. (16 marks)