Using the finalized trial balance provided, prepare the following statements (29 marks):

Statement of financial position as at December 31, 2022

Statement of earnings for the year ended December 31, 2022

Run the Race Inc.
Adjusted Trial Balance
December 31, 2022
Account Title	DR	CR
Cash	75,400
Accounts Receivable	24,500
Prepaid Insurance	1,500
Equipment	45,000
Accumulated depreciation - Equipment		11,000
Land	15,000
Accounts Payable		21,520
Salaries Payable		1,400
Mortgage Payable		64,000
Contributed Capital		7,500
Retained Earnings		25,480
Service Revenue		124,000
Advertising Expense	15,000
Salaries Expense	63,000
Insurance Expense	12,000
Depreciation Expense	3,500
Total	254,900	254,900