NEED INCOME STATEMENT AND BALANCE SHEET

The ledger of New Hope Limited contained the following account balances at December 31,2021 , the end of company's fiscal year. Additional Data: 1. A 20% Cash dividend has been declared on the common stock. 2. Depreciation @ 25% is to be charged on Office Equipment under reducing-balance method. However, for the Furniture straight line method is used where depreciation is charged @15\%. 3. The prepaid insurance was paid for 1 years on September 1, 2021. 4. The physical inventory check reveals that Merhcandise Inventory actually at hand is $155,000. 5. The company is under 35.5% tax bracket. 6. The interest accrued on the Bond has not been paid yet. The ledger of New Hope Limited contained the following account balances at December 31,2021 , the end of company's fiscal year. Additional Data: 1. A 20% Cash dividend has been declared on the common stock. 2. Depreciation @ 25% is to be charged on Office Equipment under reducing-balance method. However, for the Furniture straight line method is used where depreciation is charged @15\%. 3. The prepaid insurance was paid for 1 years on September 1, 2021. 4. The physical inventory check reveals that Merhcandise Inventory actually at hand is $155,000. 5. The company is under 35.5% tax bracket. 6. The interest accrued on the Bond has not been paid yet