Account Name Balance $(2020)$

Income tax Expense $ $600,000$

Decrease in porperty valulation $35,000$

Property, Plant, Equipment $?$ Solve

Current Assets $6,500,000$

Cost of Sales $7,500,000$

Distribuiton Costs $900,000$

Common Shares Issued $895,000$

Finance Costs $90,000$

Stock Option Compenstation $40,000$

Profit before Taxes $1,750,000$

Retained Earnings$($endof year$)5,000,000$

Dividends Paid $150,000$

Other Income $40,000$

Gross Profit $3,500,000$

Share Captial $($end of year $2020)3,395,000$

Contributed surplus $($beginnning of year$)60,000$

Non$-$Current Liablilities $5,000,000$

Change in Currency Translation$($income$)40,000$

Retained Earnings$($beginning of year$)4,000,000$

Administrative Expenses $800,000$

Total Liabilities $8,000,000$

Total Assets $16,500,000$

Current Asset $-$ Components

Inventories $50\%$ of Cost of Sales

Trade Receivables $25\%$ of Cost of Sales

Prepaid expenses $5\%$ of Cost of Sales

Cash and cash equivalents Solve

Current Liabilities $-$ Components

Trade and other payables $25\%$ of Cost of Sales

Short$-$term borrowings Solve

Current position of long$-$term borrowings $10\%$ of Non$-$Current Liabilities

Using the information provided on the Account Information sheet complete the following Financial Statments for Reed Geophysical Inc. for $2020$

$1.$ Statement of Income

$2.$ Statement of Comprehensive Income

$3.$ Statement of Changes in Equity

$4.$ Statement of Financial Position