The Wizard's Corner, a company that sells video games and related items, had the following account balances at the end of June 2020: Cost of goods sold $99,200 Common shares 35,000 Advertising expense 6.100 Equipment 18,700 Depreciation expense 1,870 Dividends declared 3,500 Accounts payable 11,000 Inventory 20,100 Wages expense 38,100 Sales revenue 196,400 Accounts receivable 15,800 Rent expense 14,800 Cash 50,630 Prepaid rent 2,500 Wages payable 6.500 Retained earnings (as at July 1, 2019) 22,400 Prepare a statement of income for the year ended June 30, 2020. (Enter loss using either a negative sign preceding the number e.g. -49 or parentheses e.g. (45).) The Wizard's Corner Statement of Income For the Year Ended June 30, 2020 sales revenue $ 196400 Less V: Expenses cost of goods sold 99200 Advertising Expense 6100 i Depreciation Expense 1870 i Wages Expense 38100 i Rent Expense 14800 Total Expenses 160070 i Net Income /(Loss) v $ 36330 Your answer is incorrect. Calculate the amount of retained earnings as at June 30, 2020. Retained earnings at June 30, 2020 $ 55230 Prepare a statement of financial position as at June 30, 2020. (List Current assets in order of liquidity.) The Wizard's Corner Statement of Financial Position June 30, 2020 Assets Current Assets Cash $ 50630 Accounts Receivable 15800 Inventory 20100 Prepaid Rent 2500 Total Current Assets 89030 Non-Current Assets Equipment 18700 Total Assets $ 107730 Liabilities & Shareholders' Equity Current Liabilities Accounts Payable $ 11000 Wages Payable 6500 Total Current Liabilities 17500 Shareholders' Equity V common shares 35000 Retained Earnings 22400 Total Shareholders' Equity 57400 Total Liabilities and Shareholders' Equity v $ 107730