The adjusted trial balance of Palm Realtors Ltd$.$ at December $31,2023,$ appears below:

Palm Realtors Ltd$.$

Adjusted Trial Balance

December $31,2023$

Cash $ $8,950$

Accounts receivable $53,530$

Prepaid rent $2,200$

Equipment $45,690$

Accumulated amortization $ $18,930$

Accounts payable $15,900$

Interest payable $900$

Salary payable $3,500$

Income tax payable $4,700$

Note payable $($due $2025)19,500$

Common shares $8,000$

Retained earnings $29,325$

Dividends $30,000$

Commissions $227,480$

Depreciation expense $6,260$

Salary expense $140,500$

Rent expense $26,400$

Interest expense $1,500$

Income tax expense $13,205$

Total $$328,235$ $$328,235$

Required:

$1.$ Prepare in good form a single step statement of earnings $($income statement$)$ of Palm Realtors Ltd$.$ for the year ended December $31,2023.(6$ marks$)$ You may add more lines as required.

Palm Realtors Ltd$.$

Statement of Earnings

For the Year Ended December $31,2023$

Revenues

Commissions $$227,480$

Less: Expenses

Depreciation Expense $$6,260$

Salary Expense $$140,500$

Rent Expense $$26,400$

Income Tax $$13,205$

Interest Expense $$1,500$

Total Expenses $$187,865$

Net Income $$39,615$

Question $5($Continued$)$

$2.$ Prepare in good form a statement of retained earnings of Palm Realtors Ltd$.$ for the year ended December $31,2023.(3$ marks$)$ You may add more lines as required.

Palm Realtors Ltd$.$

Statement of Retained Earnings

For the Year Ended December $31,2023$

Beginning Balance $$29,325$

Add: Net Income $$39,615$

Total $$68,940$

Less: Dividends $$30,000$

Ending Balance $$38,940$

$3.$ Prepare in good form a classified statement of financial position for Palm Realtors Ltd as a tDecember $31,2023,$ by completing the table below.$(10$ Marks$)$ Add more lines as required.

Palm Realtors Ltd$.$

Statement of Financial Position

As at December $31,2023$

ASSETS LIABILITIES

Current assets: Current Liabilities:

Total liabilities

SHAREHOLDERS$$ EQUITY

Total assets Total liabilities and shareholder$$s equity