Please create a Statement of Comprehensive Income annd Owners Equity Statement using the following information (North American Method).
|
Account Name
|
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Balance
|
|
|
|
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Income tax Expense
|
$
|
600,000
|
|
Decrease in property valuation
|
|
35,000
|
|
Current Assets
|
|
6,500,000
|
|
Cost of Sales
|
|
7,500,000
|
|
Distribution Costs
|
|
900,000
|
|
Common Shares Issued
|
|
895,000
|
|
Finance Costs
|
|
90,000
|
|
Stock Option Compensation
|
|
40,000
|
|
Profit before Taxes
|
|
1,750,000
|
|
Retained Earnings(end of year)
|
|
5,000,000
|
|
Dividends Paid
|
|
150,000
|
|
Other Income
|
|
40,000
|
|
Gross Profit
|
|
3,500,000
|
|
Share Capital (end of year)
|
|
3,395,000
|
|
Contributed surplus (beginning of year)
|
|
60,000
|
|
Non-Current Liabilities
|
|
5,000,000
|
|
Change in Currency Translation(income)
|
|
40,000
|
|
Retained Earnings (beginning of year)
|
|
4,000,000
|
|
Administrative Expenses
|
|
800,000
|
|
Total Liabilities
|
|
8,000,000
|
|
Total Assets
|
|
16,500,000
|