P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: $ 25,100 12,100 90,100 45,100 63,650 Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Contributed capital, 7,100 shares outstanding 2,050 141,000 90,000 ? 71,000 No dividends were declared or paid during 2020. Required: 1. Prepare a summarized statement of earnings for the year ended December 31, 2020. NUCLEAR COMPANY Summary Statement of Earnings For the Year Ended December 31, 2020 0 $ 0 2. Prepare a statement of changes in equity for the year ended December 31, 2020. NUCLEAR COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2020 Contributed capital Retained earnings 3. Prepare a statement of financial position at December 31, 2020. NUCLEAR COMPANY Statement of Financial Position As at December 31, 2020 Assets Total assets $ 0 Liabilities and Shareholders' Equity Liabilities: Total liabilities $ 0 Shareholders' equity: 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0