The adjusted trial balance of Monona Inc. as of December 31, 2020, follows.

Adjusted Trial Balance
December 31, 2020
Acct. No.	Account	Debit	Credit
100	Cash	$18,000	$
104	Accounts receivable	35,000
105	Allowance for doubtful accounts		1,775
106	Inventory	40,000
108	Prepaid insurance	2,400
150	Land	5,725
155	Building	100,000
156	Equipment	30,000
162	Accumulated depreciation		6,250
202	Accounts payable		37,500
204	Salaries payable		2,250
208	Deferred service revenue		1,000
210	Interest payable		250
240	Note payable		75,000
302	Common stock		92,500
304	Retained earnings		6,000
310	Dividends	2,500
400	Sales revenue		250,000
402	Service revenue		12,500
510	Costs of goods sold	120,000
512	Salaries expense	115,000
520	Repair expense	1,000
526	Insurance expense	1,800
528	Depreciation expense	6,600
540	Interest expense	6,000
542	Bad debt expense	1,000
	Totals	$485,025	$485,025

a. Prepare the income statement for the year ended December 31, 2020. b. Prepare the statement of stockholders equity for the year ended December 31, 2020. Assume that the common stock was issued prior to 2020. c. Prepare the balance sheet on December 31, 2020