$35,000 Rent Expense $7,000 Wages Payable $15,000 Salaries Expense 2 Shetland Sweaters Ltd. has the following balances in the company ledgers for the year endir 2 3 Loan Payable (in 3 years) 4 Prepaid Rent 5 Common Shares 6 Cash 7 Advertising Expense 8 Accounts Receivable 9 Sales $25,000 $10,000 $150,000 $270,000 $10,000 $20,000 $10,000 $15,000 $10,000 $25,000 10 Accounts Payable 11 12 13 14 Equipment (Net of Accum Depn) Retained Earnings (Oct 1, 2019) 15 Required: (15 marks) 16 $5,000 Cost of Goods Sold $50,000 Insurance Expense $15,000 Depreciation Expense $550,000 Income Tax Expense $12,000 Dividend Declared $50,000 Rent Revenue $20,000 Inventory 17 1.Prepare a statement of income on the form provided on the below. (7 marks) 18 19 20 21