% EXERCISE 1 Balance Sheet and Income Statement The below represents the Trial Balance of Los Bandidos Ltd as of December 31, 2017: Land 490,000 Accounts Payable 43,800 Accounts Receivable 56,700 Cash 36,300 Office Equipment 10,200 Buildings 210,000 Share Capital ? Notes Payable 213,600 Retained Earnings 1.1.2017 180,000 Revenue 380,000 Interest expense 4,272 Salaries 40,000 Office Maintenance 4,000 Electricity & Water 12,000 Delivery service 3,000 Rent 7,000 Advertising and Marketing 13,000 Directors' Remuneration 45,000 Corporation tax for the year 32,127 Corporation tax payable 32,127 Notes: 1. The accountant upon reviewing the Trial Balance above on 20 January 2018, had noticed that the latest electricity bill received for December 2017 of $150, due to be paid on 31 January 2018, was not accounted for. 2. The company has issued 1,000 ordinary shares. Required: 1. Prepare the Journal Entry to correct the Trial Balance taking into account the electricity bill concerning 2017 and received post year end. 2. Prepare a multiple step Income Statement for the year ended 31 December 2017. 3. Prepare the Statement of Retained Earnings 4. Prepare the Balance Sheet as at 31 December 2017, and calculate the value of share capital. 5. Calculate Earnings per share for 2017