Income statement Total revenues $900,000 290,000 [7] Total expenses 250,000 800,000 J[1] 100,000 40,000 Net income Statement of changes in equity Total shareholders' equity, beginning of year Common shares, beginning of year 0 0 0 0 Issue of shares 100,000 20,000 [8] Common shares, end of year 20,000 100,0001 J[2] 0 Retained earnings, beginning of year 0 Net income 100,000 J[3] 40,000 [9] Dividends declared 10,000 60,000 [4] 60,000 Retained earnings, end of year 30,000 Total shareholders' equity, of year 160,000 J[5] 50,000 [10] Statement of financial position Total assets 1,050,000 200,000 [11] Total liabilities 890,000 150,000 Total shareholders' equity 160,0001 J[6] 50,000 [12]