happiness corporation income statement for the year ended december 31, 2020 revenue 9,600,000.00 expenses: salaries expenses 95,000.00 rent expense 1,440,000.00 supplies expense 100,000.00 utilities expense 25,000.00 depreciation expense, office furniture 120,000.00 depreciation expense, store equipment 300,000.00 depreciation expense, automobiles 100,000.00 advertising expense 820,000.00 insurance expense 200,000.00 total expenses 3,200,000.00 net income 6,400,000.00 happiness corporation retained earning statement for the year ended december 31, 2020 retained earning, jan 1 500,000.00 net income 6,400,000.00 dividends (130,000.00) retained earnings, december 31 6,770,000.00 happiness corporation balance sheet for the year ended december 31, 2020 assets current assets: cash 5,580,000.00 account receivable 210,000.00 merchandise inventory 2,000,000.00 office supplies 285,000.00 prepaid insurance 550,000.00 total current assets 8,625,000.00 property,plant and equipment: office furniture 1,200,000.00 accumulated depreciation, office furniture (240,000.00) book value- furniture 960,000.00 store equipment 3,000,000.00 accumulated depreciation, store equipment (600,000.00) book value- equipment 2,400,000.00 automobiles 500,000.00 accumulated depreciation, automobiles (200,000.00) book value-automobiles 300,000.00 total property, plant, and equipment 3,660,000.00 total assets 12,285,000.00 liabilities currnt liabilities: account payable 945,000.00 salaries payable 95,000.00 utilities payable 25,000.00