Air Direct, LLC The following information is available for the fiscal year that began on January 1, 2023 and ended on December 31, 2023. a) Inventory purchases Inventory was purchased evenly during the year. By year-end, $620,000 worth of inventory had been purchased and $120,000 worth of inventory remained in the warehouse. b) Machinery Machinery was purchased on July 1, 2023 for $150,000, and had an expected life of five years. The list price was $172,350. The curent market value for the same exact machine on December 31, 2023 is $145,750. c) Land The company owned land valued at $575,000. d) Liabilities The company owed $50,000 in back taxes. e) During the year, the company made the following transactions: Rent paid 40,000 Advertising paid 60,000 Commissions paid 50,000 Utilities incurred but not yet paid 35,000 Supplies used but not yet paid 70,000 f) The company's corporate federal tax rate is 21%, while the state's corporate tax rate is 5.5% g) The inventory was sold evenly during the year for $850,000 cash. h) An order for $85,000 from a customer was received by Air Direct, LLC on December 28, 2023. Air Direct, LLC shipped out the order on December 30, 2023 FOB destination. The customer received the order on January 4, 2024. i) The capital accounts of the LLC members on January 1, 2023 amounted to $728,000. j) The cash balance on December 31, 2023 was $655,000. Required: 1. Prepare a statement showing the amount of profit or loss made by Air Direct, LLC during 2023. 2. Prepare a statement showing the financial position of Air Direct on December 31, 2023