You are on the Board of BBI. The company recently sent you its annual financial statements.

Required

(a) Why has the company done this?

(b) When would you expect to receive the statements?

(c) What information would you expect to get from the income statement?

(d) What information would you expect to get from the statement of retained earnings?

(e) What information would you expect to get from the balance sheet?

(f) In what ways could you use this information to make an informed choice about investing and lending decisions?

please answer the question written not the one in attached with the picture

BBI is an economic development Corporation situated on B First Nation. BBI has formed a company called Band Limited and requires the financial statements to be prepared and analyzed for the year ended December 31, 2019. The following are the balances in the accounts at December 31 2018: Cash- $602,900 Accounts receivable-$10,000 Merchandise inventory-53000 Prepaid rent-$3,150 Equipment-$55,000 Accumulated depreciation-$13,750 Land-$40,000 Accounts payable-so Long-term note payable-S200,000 Common shares-5440,000 Retained earnings-560,300 The following transactions and events occurred in 2019 Jan. 1 Jan. 1 Jan. 1 Apr. 1 July 1 Aug. 1 Sept. 1 Oct. 31 Dec. 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 -Issued $50,000 of 5% preferred shares for cash. Sold the equipment at its written-down value (book value) for cash. -Acquired new equipment for S150,000 cash. The new equipment has an estimated useful life of 15 years and no expected residual value. -Purchased inventory for $80,000 cash from ordinary suppliers. - Paid rent in advance of $3,200 on a six-month office lease -Made cash sales of $150,000. The related cost of goods sold was $65,000 -Purchased additional land for cash of $20,000. All remaining accounts receivable were collected. - Various operating expenses totaled $40,000. All were paid in cash except for $5,000 for utilities, which will be paid in January -Paid the annual dividend on the preferred shares, and a 5-cent dividend per common share. -Paid the interest on the bank loan. - Recorded depreciation for the new equipment. - Recorded rent expense for 2019. -Paid cash of $3,800 for income taxes. Required