Jeff Andringa, a former university hockey player, started Ice Camp Ltd., a hockey camp for children from ages 6 to 16. Eventually he would like to expand and open hockey camps across the country. Jeff has asked you to help him prepare financial statements at the end of his first year of operations. He tells you the following facts about his business activities. In order to get the business off the ground, he decided to incorporate and follow IFRS. He sold common shares to himself on January 3, 2015, raising $5,000 through the sale of 500 of these shares. In addition, the company borrowed $10,000 from a local bank. A used bus for transporting kids was purchased for $12,000 cash. Hockey nets and other miscellaneous equipment were purchased with $1,500 cash. The company earned camp tuition of $100,000 during the year but has collected only $90,000 of this amount so far. Thus, at the end of the year it was still owed $10,000. The company rents time at a local rink. Total ice rental costs during the year were $14,000, insurance was $6,000, salaries were $20,000, and administra- tive expenses totalled $7,000all of which were paid in cash. The company incurred $800 in interest expense on the bank loan, which it still owed at the end of the year. The company also owes $10,440 in income tax. The company paid Jeff dividends of $35,000 rather than salary during the year. The balance in the corporate bank account at December 31, 2015, was $9,500 ($5,000 + $10,000 $12,000 $1,500 + $90,000 $14,000 $6,000 - $20,000 $7,000 - $35,000). Instructions Prepare an income statement, statement of changes in equity, and statement of financial position for the year