The trial balance of Holland Inc. for the year ended September 30, 2021, prior to recording of tax expenses, but after all other adjustments, is as follows. All accounts are their normal balance (debit or credit). Holland has a tax rate of 30%. $ 80,000 Accounts payable Accounts receivable 40,000 Cash.... 50,000 7,000 Cash dividends. Common shares Cost of goods sold. 30,000 175,000 Dividends payable. 4,000 4,500 Interest expense. Inventory..... 120,000 Operating expenses 92,300 Preferred shares. 25,000 Retained earnings, beginning balance.. 11,900 Sales revenue.. 320,000 100 Taxes payable. Instructions Prepare the income statement (10 Marks) and statement of retained earnings (6 Marks) for Holland Inc. for the year ended September 30, 2021. (16 Total Marks)