The following transactions occurred for Canberra Limited in 2015: 

a. Issued share capital for $200 000 cash, 

b. Purchased $35 000 of inventory on credit, 

c. Paid $28 000 to accounts payable.
d. Sold inventory costing $60 000 for $270 000. All sales are on credit.

e. Collected $52 000 from customers.
f. Prepaid $12 000 rent for the year commencing 1 January 2015.
g. Depreciated property and equipment for the year using the straight-line method (20 per cent per annum).

h. Dividends declared and paid totalled $30 000.
i. Borrowed $100 000 on 1 July 2014. The loan is due on 30 June 2016 and carries a 10 per cent p.a. interest rate. Paid $4000 interest on this loan during 2015.
j. On 1 November paid $24000 for an insurance policy covering 1 November 2014 to 31 October 2015. 

k. Paid wages of $90 000; wages of $20 000 had been earned but not paid.
I. Received interest of $5000 in cash from the bank.

On 31 December 2015:
m. The unearned revenue account had a balance of $5000. 

n. Accrued interest revenue had a balance of $2000.

Required:
1. Prepare journal entries for the above transactions.
2. Prepare ledgers.
3. Prepare closing entries.
4. Prepare a 10-column worksheet.
5. Prepare an income statement and balance sheet for Canberra Limited for the year ended 31 December 2015.

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CANBERRA LIMITED BALANCE SHEET AS AT 31 DECEMBER 2014 Assets $ Liabilities $ Current assets Current liabilities Cash 21000 Account payable 27000 Accounts receivable 39000 Unearned revenue 32000 Inventory 40000 Total current liabilities 59000 Prepaid rent 11.000 Total current assets 111000 Noncurrent liabilities Long-term debt (80000) 90000 510000 Noncurrent assets Land Property and equipment Accumulated depreciation Intangible assets (net) Total noncurrent assets Total assets 621000 Total shareholders' equity 42 000 562000 Total noncurrent liabilities 100 000 Total liabilities 59000 400000 Net assets 562000 Shareholders' equity Share capital 520000 Retained profits