how do you find the net income?

Accrual Accounting $100,000 250,000 45,000 60,000 150,000 65,000 90,000 Accounts receivable Sales Prepaid expenses Equipment, net (note 1) Cost of goods sold Accounts payable Investments classified as fair value through other comprehensive income (FVOCT) (note 2) Common shares Unearned revenue Retained earnings, January 1, 2020 Discount on bonds payable Cash Correction of error (note 3) Bonds payable, due January 1, 2026 Loss on discontinued operations Net income (note 4) 80,000 12,000 50,000 8,000 22,000 35,000 120,000 25,000 Notes: 1. The machinery is net of accumulated depreciation of $25,000. 2. The balance in the investments represents the original cost at the date of acquisition January 1, 2020). As of December 31, 2020, none of these investments had been sold and market value was $120,000. 3. During 2019, a patent of Pluto's expired. The related writedown of $35,000 was subse- quently recorded in March 2020. 4. Ignore income taxes for this question. Because only a partial trial balance is provided, net income cannot be directly calculated. It should be plugged in to make the financial state- ments balance. Required: Prepare a balance sheet as at December 31, 2020, and a statement of changes in equity for the year then ended, in good form and using appropriate terminology