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The assets and liabilities of Japan Mechanics Ltd . as of December 3 1 , 2 0 2 0 , and revenues and expenses

 The assets and liabilities of Japan Mechanics Ltd. as of December 31, 2020, and revenues and expenses for the year ended on that date follow.Interest expense.$ 4,000 Accounts receivable.$ 25,000Land.....95,000Advertising expense10,000Note payable..95,000Building..140,000Accounts payable21,000Salary expense85,000Rent expense..6,000Salary payable.12,000Cash.10,000Service revenue210,000Common shares.75,000Supplies.3,000Furniture20,000Property tax expense5,000Beginning retained earnings were $40,000, and dividends totalled $50,000 for the year.Requirements:a) Prepare the income statement of Japan Mechanics Ltd. for the year endedDecember 31, 2020.b) Prepare the Japan Mechanics Ltd. statement of retained earnings for the year.c) Prepare Japan Mechanics' balance sheet at December 31, 2020.  

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