The accountant for Smart Tutorial School prepared the following Adjusted Trial Balance at 31 December 2021. Smart Tutorial School Adjusted Trial Balance 31 December 2021 Cash $22,380 Student fees receivable $71,940 Supplies $1,000 Prepaid rent $1,250 Equipment $96,000 Accumulated depreciation: equipment $52,800 Accounts payable $6,420 Salaries payable $750 Notes payable $24,000 Interest payable $720 Unearned student fees $5,000 Income taxes payable $7,000 Share capital $50,000 Retained earnings $20,000 Dividend $5,000 Student fees earned $86,000 Supply expense $4,000 Salary expense $18,000 Interest expense $720 Rent expense $12,500 Utilities expense $3,300 Depreciation expense: equipment $9,600 Income taxes expense $7,000 Totals $252,690 $252,690 Required a) Prepare the income statement and the statement of retained earnings for the year ended 31 December 2021. (8 marks) b) Prepare the statement of financial position as at 31 December 2021. (12 marks)