1 Given the following balances, prepare a balance sheet as at 30 June 2022 for Willow Tree Limited.

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Share capital 260 000 Bank loan 40 000 Accounts payable 90 000 Wages payable 50 000 Inventory 200 000 Cash at bank 40 000 Buildings 200 000 Retained profits 90 000 Accounts receivable 90 000 2 The company did not declare any dividends during the year. Its balance in retained profits at the start of the year was $70 000. What is the profit for the year?