prepare statement of changes

Net income is 118,400

Credit $ 5 5 7 Cash 3 Accounts receivable 2 Inventory 10 Trading investments 11 Supplies 12 Prepaid insurance 13 Land 14 Building 15 Equipment 16 Acc. Depreciation - equipment 17 Acc. Depreciation - building Debit $ 80,800 469,600 252,000 27,000 16,000 12,000 190,000 650,000 550,000 220,000 195,000 276,400 34,600 5,000 300,000 500,000 727,000 160,000 18 Accounts payable 19 Uneamed revenue 20 Income tax payable 21 Bank loan payable 6% 22 Common shares 23 Retained eamings 24 Dividends declared 25 Sales 26 Interest Income 27 Sales retums and allowances 28 Sales discounts 29 Freight in expense 30 Purchases expense 31 Depreciation expense 32 Income tax expense 33 Insurance expense 34 Interest expense 35 Freight out expense 36 Salaries and wages expense 37 Purchase retums 38 Purchase discounts 1,323,600 7.100 25,000 17,000 84,000 660,400 68,000 41,700 72,000 22,000 36,600 158,000 39 Utilities expense 45,300 25,700 67,600 40 41 42 A3 44 45 46 47 AB 3,659,700 3,659,700 Additional Information: a) The Inventory count at the year end was costed at $221,000 b) On April 2, 2020, Marvellous Carpets Ltd. issued additional Common Shares for $75,000 and recorded this correctly in their ledger