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Question 2 (30 marks) Given the adjusted trial balance for Kramer Ltd. below as of December 31, 2020 prepare: 1. The income statement, 2. The statement of retained earnings 3. Closing entries for December 31, 2020. Financial Statements must include appropriate headings. No explanations are required for the closing entries. Com 204, Fall 2021 Assignment 1, Chapter 3 -Total - 50 marks Due: Sunday, October 3 Submission: Via Moodle L Kramer Ltd Adjusted Trial Balance December 31, 2020 Account Debit Credit Cash $ 9,000 Accounts Receivable $ $ $ 3,700 7,500 3,000 2,000 50,000 $ $ Inventory Prepaid Insurance Prepaid Rent Building Accumulated Depreciation - Building Accounts Payable Notes Payable Unearned Service Revenues $ 10,000 5,900 $ $ 10,000 3,200 $ Common Shares S 25,000 3,900 $ $ 1,000 S 40,000 $ 1,200 5,000 $ Retained Earnings Dividends Service Revenues Adminstration Expense Depreciation Expense interest Expense Office Expense Rent Expense Salary & Wages Expense Total $ 1,500 $ 2,300 S 4,800 S 7,000 $ 98,000 $ 98,000