2. Use the following information to prepare, in good form, an income statement, a statement of changes in equity, and a statement of financial position for Geelin Industries Ltd. for the month ended August 31, 2018:

...... Accounts payable.......................................................... $ 9,375

...... Accounts receivable...................................................... 5,500

...... Bank loan payable......................................................... 13,750

...... Cash.............................................................................. 58,750

...... Common shares............................................................ 94,375

...... Dividends declared........................................................ 6,250

...... Income tax expense...................................................... 17,375

...... Insurance expense........................................................ 2,125

...... Building.......................................................................... 125,000

...... Retained earnings (beginning)...................................... 40,625

...... Revenues...................................................................... 78,750

...... Salaries expense........................................................... 20,625

...... Supplies......................................................................... 1,250