Debit Credit Cash 41,000 Accounts receivable 163,500 Allowance for doubtful accounts 8,700 Investments (1) 339,000 Inventory 208,500 Land 85,000 Building 150,000 Accumulated depreciation - building 26,000 Patents 36,000 Equipment 400,000 Accumulated depreciation - equipment 240,000 Accounts payable 148,000 Unearned revenue 49,200 Notes payable (2) 94,000 Common shares (50,000 shares outstanding) 450,000 Retained earnings 154,100 AOCI 14,500 Sales 844,000 Investment income 77,600 Cost of Goods Sold 397,500 Wage expense 20,500 Depreciation and amortization 51,200 Income tax expense 141,100 Interest expense 10,300 Advertising expense 8,700 Foreign exchange loss - OCI 1,600 Other expenses 23,200 2,091,600 2,091,600 Notes: (1) Included in Investments are shares in public companies with a fair value of $40,000. Weststeel uses the Fair Value - Net Income method to account for these shares. The remaining balance in the account is a strategic investment for which the equity method of accounting is used. (2) The terms of the Note Payable require principal payments of $23,500 annually over each of the next 4 years. Required: (a) Prepare a Statement of Income and Comprehensive Income for the year ended December 31, 2019 (11 marks) (b)Prepare a classified Statement of Financial Position as at December 31, 2019. (14 marks) (c) Calculate the following ratios. Show all work (6 marks): (i) Current ratio (ii) Quick ratio (iii) Debt to total assets