Shirley Baum manages the Comer Shop. She has come to you for help in preparing an income statement and a balance sheet for the year ended December 31, 2020. Several amounts, determined as of December 31, 2020, are presented below. $10,000 were paid as dividends this year. # Capital stock $40,000 Mortgage Payable $72,000 Retained earnings (12/31/19) $12,400 Accounts payable $6,000 Advertising expense $2,000 Land $24,000 Cash $17,000 Supplies $2,000 Rent expense $2,400 Salary expense $8,000 Building (net) Revenues $100,000 $42,000 Interest expense $700 Other expenses $1,300 Accounts receivable Cost of goods sold $12,000 $3,000 Note Payable $10,000 1. Prepare an income statement for the year ended December 31, 2020. 2. Determine the amount of retained earnings at December 31, 2020. 3. Prepare a classified (based on liquidity) balance sheet as of December 31, 2020.