Prepare an income statement and a retained earnings statement for the year ended December 31, 2020 and a classified balance sheet as of December 31, 2020.

These items are taken from the financial statements of Drew Corporation for 2020.

Retained earnings (beginning of year)$33,000

Utilities expense2,000

Equipment56,000

Accounts payable15,300

Cash15,900

Salaries and wages payable3,000

Common stock13,000

Dividends14,000

Service revenue78,000

Prepaid insurance3,500

Maintenance and repairs expense1,800

Depreciation expense3,300

Accounts receivable14,200

Insurance expense2,200

Salaries and wages expense47,000

Accumulated depreciationequipment17,600