Ducharme Corporation was organized by five individuals on January $1$ of the current year. The following monthly financial data are

available at January $31$ of the current year:

Total revenues

Total expenses $($excluding income taxes$)$

Income tax expense $($all unpaid as at December $31)$

$$299,000$

$189,000$

$34,500$

Cash

$65,150$

Receivables from customers $($all considered collectible$)$

Merchandise inventory $($by inventory count at cost$)$

Payables to suppliers for merchandise purchased from them $($will be paid during the following year$)$

Contributed capital $(2,600$ shares$)$

$34,500$

$96,600$

$26,450$

$59,800$

No dividends were declared during January.

Required:

$1.$ Prepare a statement of earnings for the current year.

$2.$ Prepare a statement of financial position at January $31,$ current year.