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The following adjusted trial balance information (with accounts in alphabetical order) for Willis Tour Co. Inc. as at December 31, 2020, was made available
The following adjusted trial balance information (with accounts in alphabetical order) for Willis Tour Co. Inc. as at December 31, 2020, was made available after its second year of operations: Account Accounts Payable Accumulated Depreciation, Office Equipment Cash Debit Credit $ 4,000 9,500 $ 19,000 Common Shares, 35,000 authorized; 10,000 issued and outstanding Dividends Payable 14,000 6,000 Gain on Expropriation of Land and Building 40,000 Income Tax Expense 12,900 Income Tax Payable 3,500 Loss on Sale of Office Equipment 15,000 Notes Payable (due in 1 months) 10,000 Office Equipment 71,000 Operating Expenses 210,500 Preferred Shares, $0.30 non-cumulative; 6,500 shares authorized; 2,000 shares issued and outstanding 11,500 A Prepaid Rest Ticket Sales Totals 24,000 Retained Earnings 16,900 217,000 $352,400 $352,400 Required: The dividends declared by Wills in the amount of $6.000 during the year ended December 31, 2020, were debited directly to retained eaminos. Prepare an income statement in multi-step formats, and a classified balance sheet for Willis Tour Co. Inc. using the
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