Question 3 (20 marks) Below is the adjusted trial balance of JPS Clothing Inc. for the year ended December 31, 2018. Credit Debit 14,000 32,000 Cash Accounts receivable 88,500 1,800 202,000 Inventory Prepaid rent Building Accumulated depreciation building 36,000 46,000 Land 42,000 Accounts payable Wages payable Income taxes payable Retained earnings Dividends declared and paid Share capital 12,550 22,500 158,770 45,000 1,000 Sales revenue 692,480 Wages Expense 400,000 Interest revenue 2,850 52,850 Advertising expense Other expenses Depreciation expense Income tax expense 48,000 18,000 20,000 Total 968,150 968,150 1. Please prepare a statement of earmings using a single step approach for JPS Clothing Inc. for the year ended December 31, 2018 in proper financial statement format (6 marks) 6 2. What is the ending Retained Earnings balance at December 31, 2018? (2marks) 3. Please prepare a statement of financial position for JPS Clothing Inc. as at December 31, 2018 in proper financial statement format. (12 marks) 7