MARCOTTE MASONARY LTD. Statement of Financial Position December 31, 2015 $ 50,000 5,000 75,000 110,000 90,000 Accounts payable Salaries payable Bonds payable Total liabilities $ 40,000 5,000 190,000 235,000 Cash Prepaid insurance Accounts receivable Inventory Land Building Less: Accumulated depreciation Trademark Less: Accum, amort. Total assets $220,000 Common shares Retained earnings Total shareholders' equity 200,000 105,000 305,000 160,000 60,000 $ 75,000 25,000 50,000 $540,000 Total liabilities and shareholders' equity $540,000 Question 19 (2 points) Assume that MARCOTTE MASONARY LTD distributed dividends of $20,000 this fiscal period and the retained earing on January 1, 2015 was $150,000. The dollar amount of net income for the fiscal year 2015 is a profit of $25,000 a loss of $25,000 O a loss of $45,000 O a profit of $45,000