These items are taken from the financial statements of Sheffield Corp. at December 31, 2022. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Income taxes payable Bank loan payable (due July 1, 2024) Accumulated depreciation-equipment Interest payable Sales (a) Your answer is correct. Calculate the net income for the year. Net income $ $104,800 12,400 4,680 11,840 82,000 62,000 580 200 5,800 2,000 62,000 40,000 45,100 8,100 1,000 93,400 5800 18,720 3,600 14,380 Prepare a classified statement of financial position. Assume that $13,600 of the bank loan payable will be paid in 2023. (List Property, plant and equipment in order of land, Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Property, Plant, and Equipment Land Buildings Less Accumulated Depreciation- Buildings Equipment Less Accumulated Depreciation Equipment Total Property, Plant, and Equipment Total Assets Current Liabilities Accounts Payable Interest Payable Current Portion of Bank Loan Payable Income Tax Payable Total Current Liabilities Non-Current Liabilities Bank Loan Payable Total Liabilities Shareholders' Equity SHEFFIELD CORP. Statement of Financial Position December 31, 2022 Assets 104800 45100 i 82000 18720 i Liabilities and Shareholders' Equity $ 11840 12400 4680 62000 59700 63280 8100 3600 13600 1000 $ $ 28920 184980 213900 26300 -93400 333600 Bank Loan Payable Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 62000 45800 $ -93400 333600 107800 441400