Insomniacs Coffee Ltd., a mobile coffee company, had the following account balances at the end of December 2024:

Required

a. Prepare a statement of income for the year ended December 31, 2024. 

b. Calculate the amount of retained earnings as at December 31, 2024. 

c. Prepare a classified statement of financial position as at December 31, 2024.

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Cash Accounts payable Dividends declared Sales revenue Inventory Advertising expense Common shares Prepaid insurance Wages expense Equipment Rent expense Wages payable Cost of goods sold Depreciation expense Loan payable Interest expense Accounts receivable Retained earnings (as at January 1, 2024) $ 120,000 340,000 180,000 2,910,000 305,000 78,000 100,000 23,000 510,000 1,240,000 180,000 45,000 1,650,000 82,000 790,000 42,000 185,000 410,000