Fargo Inc. showed the following profit statement information for its first three years of operations:

Partial information regarding Fargo?s equity for the past three years follows:

Required

1. Calculate Gross Profit, Operating Profit, Profit Before Tax, and Profit for the years ended December 31, 2019, 2020, and 2021.

2. Calculate Contributed Capital as at December 31, 2019, 2020, and 2021.

3. Calculate Retained Earnings as at December 31, 2019, 2020, and 2021.

4. Calculate Total Equity as at December 31, 2019, 2020, and 2021.

Analysis Component: Assume total liabilities in 2021, 2020, and 2019 were $1,123,200, $936,000, and $900,000, respectively. Identify whether the balance sheet has been strengthened from 2019 to 2021. Explain what this means.

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For the Years Ended December 31 2021 2019 2020 Net Sales. $5,000,000 $4,000,000 2,400,000 1,300,000 (220,000) 16,000 $3,000,000 1,650,000 Cost of Goods Sold. Operating Expenses.. Other Revenues (Expenses). Income Tax Expense. 1,400,000 (200,000) 900,000 50,000 100,000 80,000 Dec. 31, Dec. 31, Dec. 31, 2021 2020 2019 Contributed capital: Preferred shares, $2 non-cumulative; 100,000 shares authorized; 20,000* shares issued and outstanding. $400,000 $400,000 $400,000 Common shares, 500,000 shares authorized; 100,000* shares issued and outstanding. 550,000 550,000 550,000 Total contributed capital. Retained earnings*“. Total equity.