The financial statements of Remco Distributors Inc. appear below: REMCO DISTRIBUTORS INC. Comparative Statements of Financial Position Assets Cash..... Trading investments Accounts receivable. Inventory. Property, plant, and equipment (net) Total assets....... Liabilities and Shareholders' Equity Accounts payable Short-term bank loan payable. Mortgage payable. Common shares Retained earnings.. December 31 Total liabilities and shareholders' equity. Sales...... Cost of goods sold Gross profit. Expenses Operating expenses. Interest expense Total expenses. Profit before income tax. Income tax expense. Profit REMCO DISTRIBUTORS INC. Income Statement Year Ended December 31, 2020 2020 $ 35,250 2019 $ 40,000 15,000 60,000 50,000 30,000 60,000 70,000 260,000 300,000 $420,250 $500,000 $ 20,000 40,000 80,000 170,000 $ 30,000 90,000 160,000 145,000 110,250 75,000 $400,250 $500,000 $400,000 190,000 210,000 $85,000 18.000 103,000 107,000 26,750 $ 80,250