You have been provided with the following alphabetical list of accounts for Summer Ltd. for 2020. Use the information to prepare an income statement, statement of changes in equity, and statement of comprehensive income for the year ended December 31, 2020, and statement of financial position as of December 31, 2017.

Accounts payable $26,250 $2,250 Income taxes recoverable from government Interest expense Interest revenue Accounts receivable 70,000 Accrued liabilities 27,500 5,000 375,000 500 Inventory 42,500 Accumulated depreciation Accumulated other comprehensive income at the end of the year 10,000 100,000 Advances to employees 1,250 60,000 Advertising expenses Depreciation expense Cash Intangible assets Investments in the shares of other corporations (non-current) Long-term debt (non-current portion) Loss on lawsuit Other comprehensive income Other expense Other non-current assets Prepaid insurance Property, plant, and equipment Retained earnings at the beginning of 700,000 45,000 3,250 47,500 115,000 5,000 112,500 50,000 500,000 187,500 Cash sales in 2017 10,000 Charitable donations made 25,000 Common shares 1,000 1,800,000 Cost of sales Credit sales in 2017 725,000 366,000 the year 67,500 Current portion of long-term debt Deposits from customers Dividends 27,500 1,250 Selling expenses Wages expense Wages payable 110,000 1,750 Income tax expense Income taxes payable 12,500 75,000 3,750