The following account balances have been extracted from the books of Canny Construction Materials Pty Ltd.As an accountant of the company, management requires you to present to them the following:

1) Calculation of the net profit earned or net loss incurred for the period

2) Balance sheet in classified narrative format for use at the Board of Directors' meeting next month

Account Balances of Canny Constructions as at 30/6/2019AccountAmount ($)

Wages35,900

Sales294,686

Rental Revenue55,486

Land110,000

Cash at Bank68,500

Depreciation - Buildings4,000

Cost of Goods Sold128,555

Share Capital154,126

Building135,000

Accumulated Depreciation - Buildings12,677

GST Paid45,600

Accounts Payable10,580

Do not enter spaces, commas, dollar signs or other characters when filling the blanks for numerical answers.

Requirement 1: Calculate the net profit or net loss for the year ended 30 June 2019.$

Requirement 2 : classified balance sheet (narrative format) and add the heading which has not been provided.

(Not all blank spaces need to be filled in. Only use the spaces needed.)

Assets

($)

($)

($)

Liabilities

Owners' Equity