The assets and liabilities of Hercules Inc. as of December 31,2019, and revenues and expenses for the year ended on that date follow: Land Note payable (due 2025) Accounts payable Rent expense Cash Common shares Furniture Interest expense $98,000 Property tax expense 95,000 Accounts receivable 21,000 Advertising expense 3,000 Building 10,000 Salary expense 75,000 Salary payable 20,000 Service revenue 4,000 Supplies $5,000 25,000 10,000 140,000 85,000 12,000 200,000 3,000 Beginning retained earnings were $50,000, and dividends totalled $50,000 for the year. Required 1. Prepare in good form a statement of earnings (income statement) of Hercules Inc. for the year ended December 31, 2019. (6 mar 2. Prepare in good form a statement of retained earnings of Hercules Inc. for the year ended December 31, 2019. (3 marks) 3. Calculate the following amounts for Hercules at December 31, 2019 (8 marks): Current Assets Total Assets: Total Liabilities: Total Shareholders' equity: 4. Analyze Hercules Inc. by answering these questions (3marks): a. Was Hercules Inc. profitable during 2019? By how much? C Focus W ca (1) ENG 7:19 PM 2020-10-23