1. Prepare the income statement for the year

2. Prepare the balance sheet at the end of the financial year

The following list of balances appeared in the books of Canada Enterprises at the end of the financial year 31 December 2020: $ $ 5 500 47 000 2 000 1 700 5 560 3 000 1 800 Inventory Land and buildings Accumulated depreciation on buildings Office supplies Bank Accounts receivable Prepaid insurance Capital Loan from BBP Bank Accounts payable Salary payable Unearned revenue law Drawings Service revenue Advertising expense Depreciation on buildings Supplies used Insurance Telephone expense Salaries and wages 45 000 10 000 10 200 1 660 1 200 7 350 13 875 2 100 1 900 1 950 750 975 4 350 $83 935 $83 935 Page 3