Teddy$$s Toys is a specialty toy store that specializes in children$$s books, toys, and crafts. It earns revenue by selling merchandise to its customers. The following represents the fully adjusted trial balance of Teddy$$s Toys at May $31,2024$ before the closing entries for the quarter ended May $31,2024$:

Debit

Credit

Accounts receivable

$ $54,000$

Accounts payable

$ $61,000$

Administrative expenses

$ $4,000$

Bank loan payable $($due September $2024)$

$ $54,000$

Cash

$ $185,000$

Contributed capital

$ $90,000*$

Depreciation expense

$ $10,000$

Equipment

$ $150,000$

Income tax expense

$ $40,000$

Interest expenses

$ $18,000$

Long$-$term investments

$ $190,000$

Note payable $($due February $2026)$

$ $81,000$

Prepaid expenses

$ $35,000$

Rental expenses

$ $45,000$

Retained earnings

$ $187,000**$

Sales revenue

$ $850,000$

Selling expenses

$ $12,000$

Inventory

$ $214,000***$

Utility expenses

$ $27,000$

Accumulated depreciation: Equipment

$ $50,000$

Cost of sales

$ $412,000$

Deferred revenue $($gift cards purchased in $2024)$

$ $150,000$

Wage expenses

$ $127,000$

Total

$ $1,523,000$

$ $1,523,000$

$*$ During the year, $$80,$Teddy$$s Toys is a specialty toy store that specializes in children$$s books, toys, and crafts. It earns revenue by selling merchandise to its customers. The following represents the fully adjusted trial balance of Teddy$$s Toys at May $31,2024$ before the closing entries for the quarter ended May $31,2024$:

Debit

Credit

Accounts receivable

$ $54,000$

Accounts payable

$ $61,000$

Administrative expenses

$ $4,000$

Bank loan payable $($due September $2024)$

$ $54,000$

Cash

$ $185,000$

Contributed capital

$ $90,000*$

Depreciation expense

$ $10,000$

Equipment

$ $150,000$

Income tax expense

$ $40,000$

Interest expenses

$ $18,000$

Long$-$term investments

$ $190,000$

Note payable $($due February $2026)$

$ $81,000$

Prepaid expenses

$ $35,000$

Rental expenses

$ $45,000$

Retained earnings

$ $187,000**$

Sales revenue

$ $850,000$

Selling expenses

$ $12,000$

Inventory

$ $214,000***$

Utility expenses

$ $27,000$

Accumulated depreciation: Equipment

$ $50,000$

Cost of sales

$ $412,000$

Deferred revenue $($gift cards purchased in $2024)$

$ $150,000$

Wage expenses

$ $127,000$

Total

$ $1,523,000$

$ $1,523,000$

$*$ During the year, $$80,000$ of shares were repurchased. There were no additional shares reissued.

$**$Opening retained earnings were$ $199,000.$ Dividends declared and paid during the year were $$12,000.$

$***$ Represents the amount of inventory $214,000$ on hand at the end of May $31,2024.$

Required

Prepare a Classified Statement of Earnings for the quarter ended May $31,2024.$

Prepare a Statement of Changes in Shareholder$$s Equity for the quarter ended May $31,2024.$

Prepare a Classified Statement of Financial Position as at May $31,2024\mathrm{.}000$ of shares were repurchased. There were no additional shares reissued.

$**$Opening retained earnings were$ $199,000.$ Dividends declared and paid during the year were $$12,000.$

$***$ Represents the amount of inventory $214,000$ on hand at the end of May $31,2024.$

Required

$-$ Prepare a Classified Statement of Earnings for the quarter ended May $31,2024.$

$-$ Prepare a Statement of Changes in Shareholder$$s Equity for the quarter ended May $31,2024.$

$-$ Prepare a Classified Statement of Financial Position as at May $31,2024.$