Iona Inc. has the following assets, liabilities, and equity amounts: Total assets: $55,000 Retained earnings: $10,000 . Common shares: $5,000 Income tax owed: $2,000 Trade creditors: $25,000 Long-term bank loan: $12,000 Accrued expenses: $1,000 The net income for the year was $8,000, after payment of $2,000 in inter- est and $5,000 in income tax. Required Show how the above data would be presented in the liabilities and equity sections of the balance sheet.