Question 11 Sunland Corporation is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2018. Service revenue$130,000 Dividends declared Sales Accounts payable Cash Equipment Income tax expense ,000 Common shares (1/1/2018) 4,200 Cost of goods sold 12,000 Retained earnings (1/1/2018) 5,000 $8,000 55,000 85,000 22,000 2,100 24,000 12,000 8,500 Bank loan payable Salaries expense Office expense 115,000 Supplies 27,400 of common shares were issued during the year Prepare an income statement for Sunland Corporation for the year ended December 31, 2018. SUNLAND CORPORATION Income Statement Year Ended December 31, 2018 v Revenues 130,000 24,000 154000 Service Revenue Sales Total Revenue Salaries Expense Office Expense Income Tax Expense Total Expenses 85,000 22,000 5,000 113000 Income Before Income Tax Income Before Income Tax Prepare a statement of changes in equity for Sunland as of December 31, 2018. (If an amount reduces the account balance then enter with negative sign e.g.-45 or parentheses e.g. (45).) SUNLAND CORPORATION Statement of Changes in Equity Common Shares Retained Earnings Total Equity Prepare a statement of financial position for SUNLAND as of December 31, 2018. (List Assets in order of liquidity.) SUNLAND CORPORATION Statement of Financial Position Assets Liabilities and Shareholders' Equity