Question 1 Statements (16 marks) The adjusted trial balance and some additional information for Northern Electronics Limited appears below. NORTHERN ELECTRONICS Adjusted Trial Balance December 31, 2019 Debit Credit Cash ..................................................................................................... $ 23,000 Accounts receivable ............................................................................. 9,500 Merchandise inventory ......................................................................... 30,000 Equipment ............................................................................................ 18,000 Accumulated depreciationequipment ............................................... $ 4,800 Accounts payable ................................................................................. 15,200 Common shares .................................................................................... 8,100 Retained earnings ................................................................................ 21,150 Dividends ............................................................................................. 1,600 Sales revenue ...................................................................................... 725,000 Sales Discounts ................................................................................... 7,500 Purchases ............................................................................................ 475,000 Purchase Returns and allowances ...................................................... 3,500 Freight in .............................................................................................. 10,100 Salaries and Benefits expense ............................................................ 177,600 Office supplies expense ....................................................................... 14,500 Depreciation expense .......................................................................... 3,000 Income Tax expense ............................................................................ 7,950 $777,750 $777,750 Additional Information: 1. Northern uses a periodic inventory system. Inventory January 1, 2019 was $30,000. 2. The inventory count on December 31, 2019 was $40,000. 3. There were no Common Share transactions during the year. 4. Retained earnings December 31, 2018 were $21,150. Instructions: For the year ended December 31, 2019: (a) Prepare a multi-step income statement; (7 marks) (b) Prepare a statement of financial position; (5 marks) (c) Prepare a statement of changes in equity (4 marks)