A new business graduate with one subject of accounting prepared the financial statements below for Jack's Tutoring School at the end of the first year of operations.

Jack's Tutoring School

statement of financial performance for the year ended 30 June 2021

Income
Tutoring fees		230 000
Expenses
office rent expense	36 000
wages expense	86 000
office expenses	32 400
electricity expense	13 500
J. Horner, drawings	22 400
Depreciation expense - vehicle - equipment	6 600 2 100	199 000
Profit		31 000

Statement of financial position as at 30 June 2021

Assets		Liabilities
Cash at bank	25 200	Accounts payable	26 000
Equipment	34 600	Equity
Vehicle	42 000	H. Horner, Capital	75 800
	$101,800		$101,800

Additional analysis revealed the following:

1. Tutoring fees of $15,500 (owed by students) were unrecorded at 30 June.
2. Additional equipment of $5,500 purchased with a bank loan at the end of the month had not been recorded.
3. Office expenses included supplies on hand at 30 June costing $4,600.
4. Wages of $2,500 were payable at 30 June.

Required:

1. Prepare a corrected statement of financial performance (income statement) for the year ended 30 June 2021.
2. Prepare a corrected statement of financial position (balance sheet) in narrative form as at 30 June 2021.
3. Prepare a statement of changes in equity for the year ended 30 June 2021.