Statement of Income and Retained Earnings Dec. 31, 2020 Sales Revenue Deferred Revenue Total Revenue Cost of Goods Sold Net Income $ 3,500,000 600,000 $ 4,100,000 2.000.000 $ 2,100,000 Salaries and Wages Rent Bad Debts Accumulated Depreciation Advertising and Promotion Dividends Depreciation Sales Discounts Office Travel Insurance Vehicle Expense Property Tax Utilities Prepaid Rent Other Operating Expenses Professional Fees Training Interest and Bank Charges Net Income Before Taxes 500,000 100,000 120,000 100,000 100,000 80,000 80,000 56,000 70,000 65,000 45,000 25,000 16,000 16,000 13,000 5,700 5,000 2,500 2.300 698,500 $ Income Tax Expense Net Income Retained Earnings, Dec. 1, 2019 Retained Earnings, Dec 31, 2020 69,850 $ 628,650 800,000 $ 1.428,650 Opera Inc. Statement of Financial Position For the Year Ended Dec. 31, 2020 ASSETS Cash Accounts Receivable Inventory Prepaid Expenses Property and Equipment $ 200,000 500,000 800,000 50,000 500.000 $ 2.050,000 LIABILITIES AND SHAREHOLDER'S EQUITY Accounts Payable $ 130,000 Income Taxes Payable 69,850 Long-Term Debt 750,000 Retained Earnings 800,000 $ 1.749.850 Required: Identify the errors in the above financial statements. There is a total of 13 errors