SwitchTec Inc. is a Canadian company that is specialized in the design and manufacturing of smart switches for people in a wheelchair who can only move their heads. The company sold 45,000 switches at $20 per unit in 2021, spent $20,000 for marketing campaigns, $150,000 for electricity, $250,000 for salaries, $300,000 for switch components, $10,000 for staff training, and $24,000 for rent. The company had a depreciation allowance of $10,000, a bank loan of $100,000 at an annual simple interest rate of 5% and an income tax rate of 25%. At the end of 2021, SwitchTec Inc. possessed $320,000 as cash, $100,000 as inventory, $600,000 as equipment, $100,000 as accounts receivable and $300,000 as accounts payable. 1. List all special costs, semi-variable and direct variable costs of the company in 2021. (2.5 marks) 2. Produce the income statement of the company in 2021. (3.5 marks) 3. Complete the balance sheet of the company in 2021 partially provided below. (3.5 marks) Assets Liabilities Inventory $100,000 Equipment $600,000 Equipment loan $400,000 Other loan payable $50,000 Other borrowing $10,000 Total Assets $1,110,000