Heron's Hardware has the following balances in the company ledgers for the year ending December $31,2023$:

$\backslash$table$[[$Mortgage$,580,000,$Salaries,$5],[$Common Shares,$15,000,$Depreciation,$20,000],[$Cash$,42,000,$Income tax expense,$20,000],[$Advertising$,50,000,$Interest Income,$5,000],[$Accounts Receivable,$15,000,$Inventory,$40,000],[$Sales$,600,000,$Cost of Goods Sold,$300,000],[$Accounts Payable,$12,000,$Retained Earnings $($Jan $1,2023),40,000],[$Buildings $($Net$),115,000,,]]$

Instructions

Using the above information prepare the following in the space below.

a$)$ Multi$-$Step Statement of Income

b$)$ Statement of Finacial Position