Finesse Fitness was established on 1 April 2024 with an initial investment of $60000 by the owner, Daniel Hewitt. During the first few months of business, the owner employed a student studying accounting who recorded the following list of assets.

The accounting student also recorded the following list of liabilities and equity.

Required

(a) Assuming that the amounts above are correct, prepare a corrected statement of financial position in narrative form.

(b) Determine the amount of profit (loss) made by the business since its opening, assuming that the owner had invested an additional $15 000 into the business just before the amounts were calculated by the student studying accounting.

(c) Prepare a statement of changes in equity for the period.

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Accounts payable Motor vehicle Cash at bank Furniture D. Hewitt, capital Gym equipment Loan payable $ 18 550 50 000 15 500 6 000 75 000 28 000 10 350