Amounts of the assets and liabilities of Mike Associates Inc., as of December $31,2020,$ are given as follows. Also included are revenue and expense figures for the year ended on that date $($amounts in millions$)$:Property and equipment, net.$ $4$Total revenue.$ $35$Investment.$\mathrm{.}72$Receivables....$\mathrm{.}253$Long$-$term liabilities$73$Current liabilities$\mathrm{.}290$Other expenses$\mathrm{.}14$Common shares$12$Cash$28$Interest expense$\mathrm{.}3$Retained earnings, beginning$\mathrm{.}19$Salary and other employee expense...$\mathrm{.}9$Retained earnings, ending? Other assets$\mathrm{.}43$Requirement :a$)$ Prepare the income statement of Mike Associates Inc. for the year ended December $31,2020.$

$$What amount of dividends did Mike declare during the year ended December $31,$c$)2020?$ Hint: Prepare a statement of retained earnings.Prepare the balance sheet of Mike Associates Inc. at December $31,2020.$ Use the accounting equation to compute ending retained earnings.