en! (NR). Il a revenue (R) or expense (E) account or an account that is not come statement for the year. utement E1-12 The following information is for kon Inc. for the year ended December 31, 2018 ent of changes Common shares, Jan. 1 Common shares issued during year Retained earnings, Jan. 1 58,000 Office expense Dividends declared Rent expense Service revenue Utilities expense Salaries expense Income tax expense $20,000 10.000 1,600 5,000 12.400 61,000 2.400 30,000 3,000 Ome ents y and Instructions Prepare an income statement and statement of changes in equity for the year. E1-13 Sea Surf Campground, Inc. is a public camping ground near Ocean National Park. It has the following financial information as at December 31, 2018: Camping revenue $283,000 Dividends declared $ 12,000 Cash Operating expenses 245.000 Equipment 124,000 Supplies Accounts payable on Common shares. Jan. 1 Bank loan payable Common shares issued during year 15,000 Income tax expense Retained earnings, Jan. 1 Instructions (a) Determine net income for the year. (b) Prepare a statement of changes in equity and a statement of financial position for the year. 19,000 16,500 50,000 10,000 2,500 30,000 18,000 E1-14 Consider each of the following independent situations: 1. The statement of changes in equity of Yu Corporation shows dividends declared of $70,000, while net income for the year was $75,000. 2. The statement of cash flows for Surya Corporation shows that cash provided by operating activities was $10,000; cash used by investing activities was $100,000; and cash provided by financing activities was $120,000. 3. Naguib Ltd.'s statement of financial position reports $200,000 of total liabilities and $250,000 of shareholders' equity. 4. Rijo Inc. has total assets of $100,000 and no liabilities. Instructions For each company, write a brief interpretation of these financial facts. For example, you might discuss the company's financial health or what seems to be its growth philosophy