The following are available for Chung Corp. Chung Corp. Statement of Finacial Position as at December 31, 2021 Cash Accounts receivable Inventory Prepaid expenses FV-OCI investments Equipment Accumulated depreciation-equipment 2021 30000 86000 103000 2000 47000 173000 -35000 2020 48000 74000 102000 6000 45000 159000 -25000 Total Assets 406000 409000 Accounts payable Income tax payable Dividends payable Long-term notes payable Common shares Retained earnings Accumulated other comprehensive income 125000 2000 4000 85000 31000 148000 110000 3000 o 119000 24000 144000 9000 11000 Total Liabilities+ Owner Equity 406000 409000 Chung Corp. Income Satement For the year ending December 31, 2021 Net sales Cost of goods sold $323,000 175,000 $148,000 Operating expenses 120,000 $28,000 Interest expense 9,000 $19,000 Income tax Net Income 6,000 $13,000 Other comprehensive income Unrealized gain or loss-OCI 2,000 Comprehensive income $15,000 a Further Information Operating expenses include $10,000 in depreciation expense. b Common shares were issued for cash During the year, Chung acquired $8,000 of equipment in exchange for long-term notes payable The following are available for Chung Corp. Chung Corp. Statement of Finacial Position as at December 31, 2021 Cash Accounts receivable Inventory Prepaid expenses FV-OCI investments Equipment Accumulated depreciation-equipment 2021 30000 86000 103000 2000 47000 173000 -35000 2020 48000 74000 102000 6000 45000 159000 -25000 Total Assets 406000 409000 Accounts payable Income tax payable Dividends payable Long-term notes payable Common shares Retained earnings Accumulated other comprehensive income 125000 2000 4000 85000 31000 148000 110000 3000 o 119000 24000 144000 9000 11000 Total Liabilities+ Owner Equity 406000 409000 Chung Corp. Income Satement For the year ending December 31, 2021 Net sales Cost of goods sold $323,000 175,000 $148,000 Operating expenses 120,000 $28,000 Interest expense 9,000 $19,000 Income tax Net Income 6,000 $13,000 Other comprehensive income Unrealized gain or loss-OCI 2,000 Comprehensive income $15,000 a Further Information Operating expenses include $10,000 in depreciation expense. b Common shares were issued for cash During the year, Chung acquired $8,000 of equipment in exchange for long-term notes payable