More Complex Financial Statements Industrial Relations Ltd. offers mediation services for unionized companies. When there is a contract dispute between a union and company management, often the two sides require an outside consultant to assist in the negotiations - Industrial Relations Ltd. fills this role. The following account balances relate to the company's June 30, 2024 year-end financial statements: 

Notes: 

• There were no common shares issued or repurchased during the year. 

• The current portion of the mortgage payable was $8,000. 

Required: 

a.) Prepare an income statement for the year ended June 30, 2024. 

b.) Prepare a statement of changes in equity for the year ended June 30, 2024 

c.) Prepare a balance sheet as at June 30, 2024 

d.) Based on your financial statements, compute: 

i. The current ratio

ii. The debt ratio 

iii. The equity ratio

Accumulated depreciation - buildings $12,000 Travel expense $6,000 Wages expense Retained earnings (July 1, 2023) Accumulated depreciation - equipment Supplies expense Interest expense Common shares (July 1, 2023) Mortgage payable 35,000 34,900 Equipment 7,000 1,500 Supplies 500 3,500 Depreciation expense 2,500 3,000 Consulting revenue Buldings 88,000 100 125,000 60,000 Cash 3,000 Accounts receivable 1,000 Dividends 6,000 Notes payable Accounts payable 5,000 Income tax epense 11,000 2,000