Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1. Issued common shares for $317,000 cash. 2. Borrowed $54,000 from the bank for a five-year term. (Use Bank Loan Payable) 3. Purchased equipment for $205,000 cash. 4. Purchased supplies, on account, for $8,000. 5. Service revenue provided on account amounted to $121,000. 9 6. Collected $90,000 from customers for services provided. 7. Paid wages of $30,500 to employees. 8. Paid $20,000 for utilities (telephone, electricity, heat, & water). For Sunshine Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31, 2020. 1. The bank loan was taken out on January 1st and has an interest rate of 8%. Interest is due January 1st of the following year. 2. The equipment was purchased on January 1st and has an estimated useful life of 10 years and a residual value of $13,000. The company uses the straight-line depreciation method. 3. Wages in the amount of $1,500 were owed at year end. 4. Rent in the amount of $11,000 was due at year end but was not recorded or paid. 5. A physical count at year end revealed that only $1,300 of the supplies remained on hand. Total Revenues Service Revenue Expenses Wages Expense Rent Expense Utilities Expense Interest Expense Depreciation Expense Supplies Expense Total Expenses Net Income/ (Loss) Sunshine Company Statement of Income For the Year Ended December 31, 2020 $ Prepare the statement of changes in equity for the company for their first year of operations ended December 31, 2020. Sunshine Company Statement of Changes in Equity $ Share Capital - Common Shares $ Retained Earnings $ $ $ $ Total Sunshine Company Statement of Financial Position Assets $ $ $ eTextbook and Media Liabilities and Shareholders' Equity $ $ $