Question: 1. Financial Statements (22 marks) Below is a partial trial balance of Terra Inc. at December 31, 2020. | Terra Inc. Trial Balance December 31,

1. Financial Statements (22 marks) Below is a partial trial balance of Terra Inc. at December 31, 2020. | Terra Inc. Trial Balance December 31, 2020 ACCOUNT (Partial) DEBIT Retained earnings, January 1, 2020 Dividends 7,000 Revenues Administration and selling expenses 9,000 Depreciation expense 3,000 Rent expense 4,000 All other expenses 8,000 Total 150,000 CREDIT 37,000 30,000 150,000 Required: 1) Prepare the income statement for the Year Ended December 31, 2020 for Terra Inc. (14 marks) Terra inc Income Statement For the Year Ended December 31, 2020 2) Prepare the statement of retained earnings for the Year Ended December 31, 2020. (8 marks) Terra Inc Statement of Retained Earnings For the Year Ended December 31, 2020

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