LYRIQ Panels has purchased a new property in 2020 and its internal and external accountants agreed that a new holding company, BW Holdings Inc. would be formed with a year end as of December 31. The accounting firm, 3560 Inc., has asked their newly hired employee, ACCT 3560 to take the trial balance and prepare a Balance Sheet and Income Statement. Also ACCT 3560 needs to provide a brief review of this company in terms of its viability and profitability. The trial balance: Act. No.: 1 Account Description 1005 DJD 0515178-PCA 1200 Accounts Receivable 1205 Allowance for Doubtful Accounts 1600 Due from SPI 1705 Land 1710 Building 1711 Amortization - Building 1910 Other Assets 1920 Goodwill 1990 Incorporation Cost 2100 Accounts Payable 2120 Bank Loan - Current Portion 2300 Income Tax Payable 2310 GST/HST Charged on Sales 2315 GST/HST Paid on Purchases 2460 Prepaid Sales/Deposits 2600 Mortgage 2620 Loan - Capital Improvements 2650 Due to Shareholder A 2651 Due to Shareholder B 2652 Due to Shareholder C 2655 Due to LPI 3350 Common Shares 3390 Preferred Shares 3560 Retained Earnings - Previous Year 4200 Rental Income 4205 Management Income 4240 Early Payment Sales Discounts 4405 Miscellaneou Income 5610 Accounting & Legal 5620 Bad Debts 5625 Business Fees & Licenses 5650 Currency Exchange & Rounding 5660 Amortization Expense 5680 Income Taxes 5690 Interest & Bank Charges 5700 Office Supplies 5720 Property Taxes 5750 Realized Exchange Gain/Loss 5765 Repair & Maintenance 5780 Telephone 5790 Utilities 5998 Ask my Accountant Debits 126,548.17 6,666.67 0.00 535,388.67 250,000.00 1,046,019.29 0.00 0.00 0.00 1,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,402.10 0.00 0.00 0.00 30,392.45 7,136.00 48,749.37 0.00 50,000.00 0.00 10,000.00 0.00 15,000.00 0.00 Credits 0.00 0.00 0.00 0.00 0.00 0.00 316,600.46 0.00 0.00 0.00 6,000.00 75,100.00 407.00 1,733.33 0.00 33,333.34 950,000.00 150,000.00 36,371.64 132,442.08 72.743.28 0.00 300.00 0.00 120,559.72 139,999.97 80,000.00 0.00 5,000.00 0.00 0.00 5,000.00 5,211.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,130,802.72 2.130,802.72