Following is the balance sheet as at December 31, 2016 for Shobo-Sake Ltd. and the income statement and other additional information for the year ended December 31, 2017 SHOBO SAKE LTD. Balance Sheet December 31, 2016 Assets Cash Accounts receivable Inventory Furniture and fixtures Accumulated depreciation Total assets $ 10,000 87,000 98.000 60,000 (12.000 S 243,000 furniture and fixtures Liabilities and shareholders' equity Bank loans payable Common shares Retained earnings Total liabilities and shareholders' equity $ 28,000 70,000 145.000 $ 243.000 SHOBO SAKE LTD. Income Statement year ended December 31, 2017 S 400,000 S 240.000 Sales Cost of goods sold Salary expense Rent expense Amortization-fumiture and fixtures Other expenses 50.000 6,000 6,000 108.000 Net loss 410,000 S (10.000) All sales were initially made on credit Additional information for the year ended December 31, 2017 S Cash received from customers 421,000 Cash paid to suppliers 232.000 Cash paid to employees 50,000 Cash paid for rent 6.000 Cash paid for other expenses 108.000 Cash paid for furniture & fixtures (5.000) Repayment of bank loans payable (16,000) Increase in cash during the year 4,000 Cash balance, December 31, 2007 S 14.000 2 All inventory purchases were cash purchases. Required: Prepare the balance sheet for Shobo-Sake as at December 31, 2017. Show your calculations