Financial Stateme nts 37 marks Question #6 55 minutes The Granite Shop Ltd.'s unadjusted trial baance amounts (prior to recording the adjusting journal entry to update Inventory and Cost of Goods Sold) appear in alphabetical order as follows on November 30, 2018, the end of its fiscal year: Accounts payable Accounts receivable Accumulated depreciation buildings 61,200 Prepaid insurance Accumulated depreciation-equipmen 19,880 Property tax payabk Administrative expenses Buildings Cash Common shares Dividends declared Equipment S 32,310 Land $ 85,000 106,000 4,500 3,500 16,000 175,000 Purchase retums and allowances 3,315 684,700 82,800 8,500 989,000 15,000 10,000 8,200 3,000 13,770 Mortgage payable 230,100 Purchase discounts re Income tax expense Income tax payable Interest expense Inventory, Dec. 1, 2017 8,500 Purchases 26,000 Retained eamings 5,000 Salaries payable 57,000 Sales 5,060 Sales discounts 10,000 Sales returns and allowances 6,000 Selling expenses 11,315 Uneamed revenue 34,360 in Additional information: 1. The Granite Shop uses a periodic inventory system 2. A physical inventory count determined that inventory on November 30, 2018, was $37,350 3. Of the mortgage payable, $5,300 is due in the next year 4. Common shares of $25,000 were issued during the year Instructions Prepare a multiple-step income statement (10 marks), statement of changes in equity (9 marks), and (classified) statement of financial position (18 marks) for the year