The following is the list of the accounts, in alphabetical order, for Hummingbird Company as at/ for the year ended October 31, 2021.

Account	Balance
Accounts payable	$1,800
Accounts receivable	2,130
Accumulated depreciation equipment	34,370
Cash	2,800
Common shares	12,520
Cost of goods sold	15,880
Depreciation expense	1,300
Dividends	1,810
Equipment	81,900
Income tax expense	4,000
Income tax payable	300
Insurance expense	340
Interest expense	420
Inventory	1,710
Land	14,300
Loan payable (Due January 2, 2023)	6,890
Prepaid Insurance	600
Rent expense	1,560
Retained earnings (November 1, 2020)	35,700
Salaries expense	5,330
Sales revenue	40,000
Unearned revenue	2,500

1.Calculate Net Income/Profit for the year ended October 31, 2021.

2.Prepare the Balance Sheet/Statement of Financial Position for Hummingbird Company as at October 31, 2021.