Question 19 (10 points) If you would like to use a spreadsheet for this question, please click here to have a spreadsheet open in a new tab. Once you are finished, you will need to click the "Click here to save your work" button. This will copy a link to your clipboard, which you can then paste into your answer field below, allowing your instructors to access your spreadsheet. Hawks Rocks Ltd. is a pop-up retailer of clothing. The following represents the fully adjusted trial balance of Hawks Rocks Ltd. at December 31, 2020 before the closing entries for the year ended December 31, 2020: Debit Credit 40,000 Accounts receivable Accounts payable Accumulated depreciation: Equipment Administrative expenses 8,000 Bank loan payable (due November 2024) Cash 60,000 Contributed capital Cost of sales 120,000 Deferred revenue (goods to be delivered in 2021) Depreciation expense Equipment Income tax expense Interest expenses Interest revenue. Inventory Note receivable (due December 2028) Note payable (due October 2021) Prepaid expenses. Rental expenses Retained earnings Sales revenue Selling expenses Supplies Total 10,000 280,000 40,000 14,000 120,000 90,000 32,000 12,000 20,000 10.000 856,000 80,000 40,000 90,000 120,000 10,000 2,000 110,000 104,000 300,000 856.000 Required 1. Prepare closing entries for the year ended December 31, 2020. 2. Calculate retained earnings as of December 31, 2020. 3. Prepare a properly formatted classified statement of financial position as at December 31, 2020