Insomniacs Coffee Ltd., a mobile coffee company, had the following account balances at the end of December 2020:

Cash .............................................................................................    $ 120,000
Accounts payable ......................................................................        340,000
Dividends declared ...................................................................        180,000
Sales revenue ............................................................................     2,910,000
Inventory ...................................................................................        305,000
Advertising expense .................................................................          78,000
Common shares ........................................................................       100,000
Prepaid insurance .....................................................................         23,000
Wage expense ...........................................................................       510,000
Equipment .................................................................................    1,240,000
Rent expense .............................................................................      180,000
Wages payable ...........................................................................        45,000
Cost of goods sold .....................................................................  1,650,000
Depreciation expense ...............................................................        82,000
Loan payable .............................................................................      790,000
Interest expense ........................................................................       42,000
Accounts receivable ...................................................................    185,000
Retained earnings (as at January 1, 2019) ...............................    410,000

Required
a. Prepare a statement of income for the year ended December 31, 2020.
b. Calculate the amount of retained earnings as at December 31, 2020.
c. Prepare a statement of financial position as at December 31, 2020.