Refer to the data in BE4-10 for Oromocto Corporation. During the year ended February 28, 2015, common shares were issued for $5,000. Prepare

(a) An income statement,

(b) A statement of changes in equity, and 

(c) a statement of financial position.

Data from BE4-10

The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the
end of its fiscal year, February 28, 2015:

Prepare an adjusted trial balance at February 28.

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Income tax payable Insurance expense Accounts payable $13,000 50 Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends 28,000 3,500 Prepaid insurance Rent expense Retained earnings Salaries payable Salaries expense 5,400 2,500 8,000 6,000 20,000 21,000 4,400 3,000 2,000 16,400 Supplies Supplies expense Utilities expense Equipment Fees earned 23,450 1,000 39,500 4,000 2,400 Income tax expense 300