Using the company information provided by Mr. Jason Tyrell, prepare a statement of income, statement of changes in equity, and statement of financial position for the year ending December 31, 2020.

Mr. Jason Tyrell, a former professional baseball player, started Field of Dreams Ltd, a baseball camp for underprivileged children from ages 6 to 16. Eventually, he would like to open baseball camps across the province of Ontario. Jason has asked you to prepare financial statements at the end of his first year of operations in order to present to a board of directors with the intent of securing further funding for expansion of the camps. He tells you the following facts about the start-up and first year of his business activities.

In order to get the business off the ground, Jason made the decision to incorporate his camp and to follow the IFRS for accrual-based accounting. He sold common shares to himself on January 1, 2020 in the amount of $5000 through the sale of 500 of these shares. In addition, the company borrowed $10,000 on a 10 year term loan from the Royal Bank of Canada. A used bus was purchased for $12,000 cash to be used for transporting the camp participants. Bats, baseballs, gloves and other miscellaneous equipment were purchased with $1,500 cash. The company earned camp tuitions of $100,000 during the year but has collected only $90,000 of this amount so far. Thus, at the end of the year, the company was still owed $10,000 in accounts receivable. The company rents time at the local baseball diamonds owned by the town of Pembroke at Riverside Park. Total field rental costs during the year were $14,000, insurance was $6,000, salaries for coaching staff were $20,000, and administrative expenses were $7,000 all of which were paid in cash. The company incurred $800 in interest expense on the bank loan, which it still owed at the end of the year. The company also owes $10,440 in income tax. The company paid Jason dividends of $35,000 rather than a salary during the year. The balance in the corporate bank account as at December 31, 2020, was $9,500.

(Note: If done by hand writting please make it clear to read! ) Thanks!

Examples:

Table 2.2 The Statement of Income and the Statement of Comprehensive Income Eastman Technologies Inc. Statement of Comprehensive Income For the year ended December 31, 2013 (in $) Revenue 2,500,000 Cost of sales (1,900,000) Gross profit 600,000 Level 1 Other income 20,000 Distribution costs: Sales salaries (140,000) Advertising expenses (20,000) Total distribution costs (160,000) Administrative expenses: Office salaries (170,000) Lease (20,000) Depreciation (40,000) Total administrative expenses (230,000) Finance costs (35,000) Total other income and costs (405,000) Profit before taxes 195,000 Level 2 Income tax expense (97,500) Profit for the year 97,500 Level 3 97,500 Eastman Technologies Inc. Statement of Comprehensive Income For the year ended December 31, 2013 (in $) Profit for the year Other comprehensive income/(loss) Exchange differences on translating foreign operations Gain or loss on property revaluation Actuarial gains (losses) on defined benefit pension plans Total other comprehensive income/(loss) for the year Total comprehensive income | || 97,500 Level 4 Table 2.3 The Statement of Changes in Equity Eastman Technologies Inc. Statements of Changes in Equity For the years ended December 31 (in $) 2013 2012 285,000 285,000 15,000 300,000 285,000 Share capital Balance at beginning of year Common shares issued Dividend reinvestment and share purchase plan Shares issued on exercise of stock options Balance at end of year Contributed surplus Balance at beginning of year Stock-based compensation Options exercised Balance at end of year Retained earnings Balance at beginning of year Profit applicable to common shareholders Dividends paid to shareholders Balance at end of year Total other comprehensive income/(loss) for the year Balance at beginning of year Change in currency translation Change in property revaluation Balance at end of year Total equity 205,000 205,000 97,500 (47,500) 255,000 205,000 555,000 490,000 Table 2.4 The Statement of Financial Position Eastman Technologies Inc. Statements of Financial Position As at December 31 (in $) 2013 Assets Non-current assets Property, plant, and equipment 1,340,000 Accumulated depreciation (140,000) Total non-current assets 1,200,000 2012 1,050,000 (100,000) 950,000 218,000 300,000 60,000 22,000 600,000 1,800,000 185,000 280,000 55,000 18,000 538,000 1,488,000 Current assets Inventories Trade receivables Prepaid expenses Cash and cash equivalents Total current assets Total assets Equity and liabilities Equity Share capital Contributed surplus Retained earnings Total other comprehensive income/(loss) Total equity 300,000 285,000 255,000 205,000 555,000 490,000 2013 2012 800,000 600,000 Non-current liabilities Long-term borrowings Current liabilities Trade and other payables Short-term borrowings Accrued expenses Taxes payable Total current liabilities Total liabilities Total equity and liabilities 195,000 150,000 20,000 80,000 445,000 1,245,000 1,800,000 175,000 135,000 18,000 70,000 398,000 998,000 1,488,000