Exercise 1 - problem solving (50 points) These financial items are for Alice Co Service at year-end, December 31, 2020 273,000 23,000 Salaries and Wages expense Utilities expense 57,500 27,000 Dividends Retained earnings at the beginning Accumulated depreciation- Equipment Depreciation expense Sales Revenue 940,000 6,000 17,000 Rent revenue Share capital - ordinary 14,000 50,000 Instructions:ht American College of the Middle East, 2020 Prepare an income statement (35 points) for the year ended December 31, 2020 and retained earnings statement. (15 points)