The following items are taken from the financial statements of Bort Ltd. For the fiscal year ended December 31, 2020. Accounts payable $15,500 Accounts receivable 18,000 Accumulated depreciation- 30,500 vehicles Advertising expense 21,000 Cash 15,000 Common shares (10,000 shares) 90,000 Depreciation expense 12,000 Dividends declared 5,000 Income tax expense 10,000 Insurance expense 3,000 Bank loan payable (in 5 years) 70,000 Prepaid insurance 6,000 Rent expense 22,000 Retained earnings, January 1, 12,000 202 Salaries expense 32,000 Salaries payable 3,000 Service revenue 143,000 Supplies 4,000 Supplies expense 6,000 Vehicles 210,000 Instructions (a) Prepare a classified statement of financial position for Bort Ltd. At December 31, 2020 (b) Prepare all closing year end journal entries (c) choose any one ratio from our the class and calculate it