Exhibit 1 PANDA EXPRESS LIMITED Comparative Statements of Financial Position Cash Accounts receivable Inventory.. Property, plant, and equipment Accumulated depreciation. Accounts payable. Income tax payable Mortgage payable.. Common shares Retained earnings Sales........ Cost of goods sold. Gross profit.. Operating expenses Interest expense.. Income before income tax. March 31 Assets 2023 2022 $118,000 $ 46,000 62,000 68,000 40,000 30,000 100,000 156,000 (40,000) (48.000) .Total $280,000 ..$252,000 Liabilities and Shareholders' Equity $ 30,000 $ 46,000 26,000 16,000 18,000 66,000 78,000 48,000 128,000 76,000 Total $280,000 ..$252,000 PANDA EXPRESS LIMITED Statement of Income Year Ended March 31, 2023 $760,000 580,000 180,000 72,000 8,000 100,000 20,000 $ 80,000 Income tax expense Net income. Additional information regarding fiscal 2023: 1. Dividends declared and paid were $28,000. 2. 3. During the year, equipment was sold for $24,000 cash. This equipment cost $56,000 originally and had a carrying amount of $24,000 at the time of sale. Depreciation expense is included in operating expenses. 4. All sales and purchases are on account. 5. Accounts payable pertain to merchandise suppliers. 6. All operating expenses except for depreciation were paid in cash.