Part 1) Using the information provided on the Account Information sheet complete the following Financial Statments for Reed Geophysical Inc. for 2018

Account Name		Balance (2018)
Income tax Expense	$	600,000
Decrease in porperty valulation		35,000
Current Assets		6,500,000
Cost of Sales		7,500,000
Distribuiton Costs		900,000
Common Shares Issued		895,000
Finance Costs		90,000
Stock Option Compenstation		40,000
Profit before Taxes		1,750,000
Retained Earnings(endof year)		5,000,000
Dividends Paid		150,000
Other Income		40,000
Gross Profit		3,500,000
Share Captial (end of year)		3,395,000
Contributed surplus (beginnning of year)		60,000
Non-Current Liablilities		5,000,000
Change in Currency Translation(income)		40,000
Retained Earnings(beginning of year)		4,000,000
Administrative Expenses		800,000
Total Liabilities		8,000,000
Total Assets		16,500,000

Reed Geophysical Inc.
Statement of Income
For the year ended December 31, 2018
Revenue
Cost of sales
Purchases	this should be subtracted	(7,500,000)
Gross Profit
Other income
Expenses
Administrative expenses
Distribution costs
Total
Finance costs
Total
Profit before taxes
Income tax expense
Profit for the year		-
Reed Geophysical Inc.
Statement of Comprehensive Income
For the year ended December 31, 2018
(in $)
Profit for the year		-
Other comprehensive income/loss
Change in currency Translation
Decrease in property valuation
Total other comprehensive income/loss for the year
Total Comprehensive income

Reed Geophysical Inc.
Statement of Changes in Equity
For the year ended December 31, 2018
(in $)
	2018		2017
Share Capital
Balance at beginning of year
Common shares issued
Balance at end of year			3,395,000
Contributed Surplus
Balance at beginning of year
Stock option compensation
Balance at end of year
Retained Earnings
Balance at beginning of year
Profit applicable to common share holders
Dividends paid
Balance at end of year	5,000,000
Total Other Comprehensive Income/Loss for the year
Balance at beginning of year
Change in currency translation
Change in property revaluation
Balance at end of year
Total Equity

Reed Geophysical Inc.
Statement of Financial Position
As at December 31, 2018
(in $)
Assets
Non-current assets
Property, plant, and equipment
Decrease in property revaluation
Intellectual property
Total non-current assets
Current assets
Inventories
Trade Receivables
Prepaid expenses
Cash and cash equivalents
Total current assets
Total assets
Equity and liabilities
Equity
Contributed equity
Share capital
Retained earnings
Total equity
Non-current liabilities
Current liabilities
Trade and other payables
Short-term borrowings
Current position of long-term borrowings
Total current liabilities
Total liabilities
Total equity and liabilities		-