SPI Manufacturing Inc. as of December 31, 2020 is as follows: Accounts Payable Land Accounts Receivable $280,000 $632,000 $42,000 General Expenses $398,000 $338,000 $232,000 Notes Payable Accumulated Depreciation Building, Equipment Building and Equipment $198,000 Notes Receivable $120,000 Common Shares $204,100 Property Tax Expense $3,200 Dividends Declared $80,000 Cost of Goods Sold $1,042,000 Deferred Tax Liability $116,700 Cash Income Tax Expense $334,660* Retained Earnings, Jan 1, 2020 $806,400 Interest Revenue $5,000 Revenue Inventory at end of year $480,000 Store supplies Inventory $2,632,000 $32,000 $232,000 Salaries Expense * Assume this amount is properly stated after all subsequent adjustments are considered. Additional Information: Assume this amount is properly stated after all subsequent adjustments are considered. Additional Information: 1. Store supplies were counted on December 31 and found to be valued at $5,600. 2. Depreciation of Building and Equipment is over 8 years with an expected salvage value of $10,000. 3. Property Taxes of $3,200 were paid on October 1st, 2019 and relate to the year of October 1, 2019 to September 30, 2020. 4. The note payable was issued on November 1, 2020 and has an annual interest rate of 12%. Interest must be paid each October 30 along with $30,000 of principal. Interest payable has not been recorded. 5. The note receivable has been outstanding all year. Interest at 10% is collected each June 1st The note is due June 1, 2026. Interest receivable has not been recorded. 6. At year-end, $10,00 (retail value) of goods was shipped to customers, but the sale was not recorded. Correctly, the goods were not included in closing inventory. The revenue must be recorded. Required: Prepare the following: a. Statement of Financial Position b. Statement of Comprehensive Income c. Statement of Changes of in Equity NOTE: These statements are based on adjusting accounts. There was no change in the common share account during the year. Use cash as a balancing figure on the SFP. SPI Manufacturing Inc. as of December 31, 2020 is as follows: Accounts Payable Land Accounts Receivable $280,000 $632,000 $42,000 General Expenses $398,000 $338,000 $232,000 Notes Payable Accumulated Depreciation Building, Equipment Building and Equipment $198,000 Notes Receivable $120,000 Common Shares $204,100 Property Tax Expense $3,200 Dividends Declared $80,000 Cost of Goods Sold $1,042,000 Deferred Tax Liability $116,700 Cash Income Tax Expense $334,660* Retained Earnings, Jan 1, 2020 $806,400 Interest Revenue $5,000 Revenue Inventory at end of year $480,000 Store supplies Inventory $2,632,000 $32,000 $232,000 Salaries Expense * Assume this amount is properly stated after all subsequent adjustments are considered. Additional Information: Assume this amount is properly stated after all subsequent adjustments are considered. Additional Information: 1. Store supplies were counted on December 31 and found to be valued at $5,600. 2. Depreciation of Building and Equipment is over 8 years with an expected salvage value of $10,000. 3. Property Taxes of $3,200 were paid on October 1st, 2019 and relate to the year of October 1, 2019 to September 30, 2020. 4. The note payable was issued on November 1, 2020 and has an annual interest rate of 12%. Interest must be paid each October 30 along with $30,000 of principal. Interest payable has not been recorded. 5. The note receivable has been outstanding all year. Interest at 10% is collected each June 1st The note is due June 1, 2026. Interest receivable has not been recorded. 6. At year-end, $10,00 (retail value) of goods was shipped to customers, but the sale was not recorded. Correctly, the goods were not included in closing inventory. The revenue must be recorded. Required: Prepare the following: a. Statement of Financial Position b. Statement of Comprehensive Income c. Statement of Changes of in Equity NOTE: These statements are based on adjusting accounts. There was no change in the common share account during the year. Use cash as a balancing figure on the SFP