Question 4 (24 marks) The following is the trial balance for Tulip Limited as at 31 October 2020. Tulip Limited Trial Balance as at 31 October 2020 Cr S Dr $ 120,000 50,000 90,000 Building 400,000 Utilities payable Cash Accounts receivable Inventory Accumulated depreciation - building Accounts payable Ordinary shares, 50,000 shares authorized, 30,000 shares issued Retained carnings Dividends Divide Cost of goods sold Utilities expense Salary expense Depreciation expense - building Miscellaneous expense 180,000 10,000 105,000 200,000 163,000 30,000 Sales revenue 462,000 182,000 60,000 140,000 30,000 18,000 1,120,000 1,120,000 Additional information: (i) On 15 October 2020, Tulip Limited issued 10,000 ordinary shares for cash of $80,000. No entry had been made for this transaction when preparing the above trial balance. (ii) The ordinary shares issued by Tulip Limited have no par value. Required: For Tulip Limited, (a) prepare the income statement for the year ended 31 October 2020. (5 marks) (b) prepare the statement of changes in equity for the year ended 31 October 2020. (5 marks) (6) prepare the classified statement of financial position as at 31 October 2020. (14 marks) [Total marks for Question 4: 24 marks]