Wu Inc. Statement of Income Year Ended August 31, 2024 Service revenue Operating expenses Income before income tax Income tax expense Net income Wu Inc. $ 325,000 [1] 116,000 23,000 $ [2] Statement of Changes in Equity Year Ended August 31, 2024 Common Shares Retained Earnings Total Equity Balance, September 1, 2023 Issued common shares Net income $250,000 60,000 $440,000 $[5] [6] [3] [7] Dividends declared Balance, August 31, 2024 $310,000 [4] [8] $521,000 $[9] Assets Wu Inc. Statement of Financial Position August 31, 2024 Liabilities and Shareholders' Equity Cash Accounts receivable [10] 34,000 Liabilities Accounts payable Equipment 364,000, Loan payable $ 67,000 453,000 Buildings 616,000 Shareholders' equity Land 310,000 Common shares [12] Total assets $ [11] Retained earnings [13] Total liabilities and shareholders' equity $1,351,000 Instructions a. Calculate the missing amounts [1] to [13]. Note that you may not be able to solve the items in numerical order. b. Explain (1) the sequence for preparing and presenting the financial statements, and (2) the interrelationships among the statement of income, statement of changes in equity,