The financial statements of Lewis Limited appear below: LEWIS LIMITED Comparative statement of financial positions 31 December 2020 2019 Assets Cash $ 44,000 $ 23,000 Accounts receivable 26,000 34,000 Merchandise inventory 20,000 15,000 Property, plant, and equipment 50,000 78,000 Accumulated depreciation (20,000) (24,000) Total $120,000 $126,000Liabilities and equity. Accounts payable $ 15,000 $ 23,000 Income taxes payable 13,000 8,000 Notes payable 7,000 33,000 Ordinary shares 41,000 24,000 Retained earnings 44,000 38,000 Total $120,000 $126,000 LEWIS LIMITED Income statement for the year ended 31 December 2020 Sales $350,000 Cost of sales 280,000 Gross profit 70,000 Selling expenses $20,000 Administrative expenses 16,000 36,000 Income from operations 34,000 Interest expense 4,000 Income before income taxes 30,000 Income tax expense 10,000 Profit after income tax $ 20,000