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Summaries of selected data from the financial statements of two corporations follow. Both companies have just completed their first year of operations. Statement of income

Summaries of selected data from the financial statements of two corporations follow. Both

companies have just completed their first year of operations.

Statement of income

Trucking Ltd.

Bussing Ltd.

Total revenues

$1,000,000

$ [7]

Total expenses

[1]

250,000

Net income

150,000

50,000

Statement of changes in equity

Total shareholders' equity, beginning of year

0

0

Common shares, beginning of year

0

0

Issue of shares

100,000

[8]

Common shares, end of year

[2]

20,000

Retained earnings, beginning of year

0

0

Net income

[3]

[9]

Dividends declared

[4]

10,000

Retained earnings, end of year

100,000

40,000

Total shareholders' equity, end of year

[5]

[10]

Statement of financial position

Total assets

1,050,000

[11]

Total liabilities

850,000

150,000

Total shareholders' equity

[6]

[12]

Required

Determine the missing amounts for [1] to [12]. Note that you may not be able to solve the items in numerical order.

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