The following transactions occurred during the year ended 31 December 2019 for Adelaide Ltd: 

a. Issued share capital for $300 000 cash. 

b. Expiration of prepaid rent expense (i.e. prepaid rent expense balance to zero). 

c. Purchased $70 000 of inventory on credit. 

d. Paid $56 000 to accounts payable. 

e. Sold inventory costing $120 000 for $340 000. All sales are on credit. 

f. Collected $106 000 from accounts receivable. 

g. Depreciated equipment for the year using the straight-line method (10 per cent per annum). 

h. Dividends paid totalled $50 000. 

i. Borrowed $150 000 on 1 January 2019. The loan is due on 30 June 2021 and carries a 10 per cent per annum interest rate. Paid $13 000 interest on this loan during the year ended 31 December 2019. 

j. On 1 April paid $30 000 for an insurance policy covering 1 April 2019 to 31 March 2020. 

k. Paid wages of $160 000; wages of $30 000 had been earned but not paid to the first pay period in 2019. 

l. Is owed $9500 in interest from the bank at year-end. 

m. Wrote off a bad debt for Sydney Ltd for $3000 as the company went into bankruptcy. Increased the allowance for doubtful debts to $13 000. 

n. At 31 December 2019 the unearned revenue account balance had reduced to $5000.

Required: 

1. List all revenues (including dollar amounts) that will appear in the income statement for the year ended 31 December 2019. 

2. List all expenses (including dollar amounts, ignoring taxation) that will appear in the income statement for the year ended 31 December 2019. 

3. List all current assets at 31 December 2019 (including dollar amounts).  

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Assets Cash Accounts receivable (net of allowance of $12 000) Inventory Prepaid rent expense Total current assets Land Equipment Less accumulated depreciation Total noncurrent assets Total assets ADELAIDE LTD BALANCE SHEET AS AT 31 DECEMBER 2018 $ 168 000 312 000 320 000 88 000 888 000 1 520 000 3 200 000 (640 000) 4 080 000 4 968 000 Liabilities Accounts payable Wages payable Unearned revenue Total current liabilities Long-term debt Total liabilities Shareholders' equity Share capital Retained profits Total shareholders' equity Total liabilities and shareholders' equity $ 200 000 16 000 256 000 472 000 0 472 000 4 240 000 256 000 4 496 000 4 968 000