Amy thinks that the first year of ZUPI's operations went well, but she would like to be certain, by preparing financial statements for ZUPI's first financial year, ended September 30, 2022. She asks you for help and gives you the following information about ZUPI's operations: On October 1, 2021, Amy and her friends invested $55,000 in share capital in ZUPI. On October 1, 2021, ZUPI received financing from a financial institution: this $40,000 bank loan bears interest at an annual rate of 5% and is repayable in five equal annual payments of $10,000, beginning October 1, 2022. The interest is paid once a year, on September 30, for the 12 months that have just passed. ZUPI's studios are on the ground floor of a building on Avenue Decelles. A three-year lease was signed on October 1, 2021. The monthly rent of $2,000 is paid on the first of each month. The Cash and equivalents balance on September 30, 2022, is $79,100. Here is a list of the capital assets held by ZUPI on September 30, 2022: Cost Depreciation method Office furniture (1) $5,400 Straight line, 5 years Fitness equipment (2) $10,000 Straight line, 3 years Computer equipment (3) $9,000 Declining balance, 30% (1) ZUPI acquired the office furniture on January 2, 2022 (after a few months of pretty uncomfortable work!). (2) ZUPI bought training mats, blocks and balls on October 1, 2021. In three years, this equipment will have to be replaced. Their residual value is estimated at $1,000. (3) ZUPI acquired the computer equipment on October 1, 2021. All the assets were paid for at the time of acquisition. 1