Below is Kuskonook Inc.’s (Kuskonook) December 31, 2014 trial balance that was prepared before the closing journal entry was recorded. Use the trial balance to prepare Kuskonook’s balance sheet as of December 31, 2014 and the income statement for the year ended December 31, 2014. The accounts in the trial balance are listed alphabetically.

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Account Accounts payable Kuskonook Inc. Trial Balance December 31, 2014 Debit Credit $ $150,000 Accounts receivable 93,750 Accrued liabilities 13,500 Accumulated depreciation 618,750 Bank loan payable 112,500 Cash 18,750 Common shares 937,500 Cost of sales 1,833,750 Current portion of long-term debt 225,000 Depreciation expense 187,500 Income tax expense 262,500 Income taxes payable 11,250 Interest expense Interest payable Inventory Land Loan receivable 135,000 9,000 168,000 562,500 36,000