1-3A- Basic Financial Statements Shery's Shuttles is a bus company offering rides to outdoor adventurers. In the summer, she caters to mountain bikers and in winter to skiers. Sherry's company has the following account balances, all on December 31, 2024 and for the year then ended unless otherwise noted: $1,600 Wages payable $4,000 Insurance expense 400 Dividends 3,000 Telephone expense Cash 5,000 Equipment, net 30,000 60,000 Common shares (Jan 1, 2024) 45,000 Bank loan 2,200 Accounts payable 10,000 Retained earnings (January 1, 2024) 100,000 Buildings, net 1,000 Accounts receivable 500 Shuttle revenue 69,300 Office supplies Fuel expense 11,000 Wages expense 30,000 2,000 Utilities expense 1,200 Depreciation expense The company did not issue or repurchase any common shares during the year. Required: a.) Prepare an income statement for the year ended December 31, 2024. b.) Prepare a statement of changes in equity for the year ended December 31, 2024. c.) Prepare a balance sheet as at December 31, 2024. d.) Based on your financial statements, compute: i. The current ratio ii. The debt ratio iii. The equity ratio