The following comparative statements of financial position and income statement are for the business of Wollongong Pty Ltd: Wollongong PTY LTD Balance Sheet as at 30 June 2020 2021 ASSETS Cash at bank 2,000 3,000 Accounts receivable 10,000 12,000 Inventory 8,000 10,000 Prepaid expenses 4,000 5,000 Property, plant and equipment 15,000 20,000 Accumulated depreciation property, plant and equipment (5,000) (6,000) Total Assets 34,000 44,000 LIABILITIES AND EQUITY Accounts payable 4,000 5,000 Wages & all other expenses payable 10,000 10,000 Income tax payable 8,000 9,000 Share capital 8,000 8,000 Retained earnings 4,000 12,000 Total Liabilities and Equity 34,000 44,000 Wollongong LTD Income Statement For the year ended 30 June 2021 INCOME Sales revenue $90,000 EXPENSES Cost of sales $48,000 Wages and salaries expense 16,000 Depreciation expense 1,000 Other expenses 7,000 Income tax expense 4,000 76,000 PROFIT $14,000 Additional information (a) All sales and purchases of inventory are on credit. (b) Income tax is paid in one instalment during the year. (c) A dividend had been paid to shareholders. (d) Additional plant had been acquired through a cash payment.