uestion:E2-4 Please amswer Excericise E2-4 from chapter2 for Financial Accounting: Tools for Business ...

for Financial Accounting: Tools for Business Decision Making 7th edition by Kimmel, Weygandt and Kieso:-inthe pictures below

(a)calculate net income and ending balance of retained earning at December 31,2018 it is not necessary to prepare a formal income statement or statement of change in equity

(b) prepare a statement of financial position .Assume that $31.500 of the mortgage payable will be paid in 2019 (list current assts in order of liquidity ,list property,plant and equipment in order of land ,buildings and equipment)

Exercise 2-4 (a-b) These items are taken from the financial statements of Ivanhoe Ltd. at December 31, 2018: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Service revenue Buildings Cash Common shares Equipment Income tax expense $4,900 2,600 201,270 28,970 105,000 159,680 1,400 Retained earnings, January 1 120,520 1,340 $22,050 Interest expense 21,780 Interest payable 48,600 22,470 187,040 Mortgage payable 137,800 Operating expenses 23,040 Prepaid insurance 142,000 65,100 Supplies Land Long-term investments 5,000 Calculate net income and the ending balance of retained earnings at December 31, 2018. Net income