B (80 marks) Answer ALL questions from this section. QUESTION 1 (33 marks) Adjusted Trial Balance of Smart Company as at December 31, 2020 is shown below: Smart Company Adjusted Trial Balance December 31, 2020 Cash Debit $ 15,300 Credit Accounts receivable 5,850 Supplies 360 Prepaid insurance 700 Machinery 2,600 Accumulated depreciation - Machinery $ 1,650 Unearned revenue 10,000 Salary payable 400 Share capital 5,200 Retained earnings 1,940 Dividends 500 Sales revenue 13,250 Insurance expense 120 Salary expense 6,210 Miscellaneous expense 340 Depreciation expense 460 Total $32.440 $32.440 Required: (a) Prepare the Income Statement of Smart Company for the year ended December 31, 2020. (7 marks) (b) Prepare the Statement of Retained Earnings of Smart Company for the year ended December 31, 2020. (4 marks) (c) Prepare the Statement of Financial Position of Smart Company as at December 31, 2020. (11 marks) (d) Prepare the necessary closing entries for Smart Company at December 31, 2020. (Explanation of Journal Entry is not required.) (11 marks)