PART 2

based on the following information, create the below statement

Account Name		Balance (2018)
Income tax Expense	$	600,000
Decrease in porperty valulation		35,000
Current Assets		6,500,000
Cost of Sales		7,500,000
Distribuiton Costs		900,000
Common Shares Issued		895,000
Finance Costs		90,000
Stock Option Compenstation		40,000
Profit before Taxes		1,750,000
Retained Earnings(endof year)		5,000,000
Dividends Paid		150,000
Other Income		40,000
Gross Profit		3,500,000
Share Captial (end of year)		3,395,000
Contributed surplus (beginnning of year)		60,000
Non-Current Liablilities		5,000,000
Change in Currency Translation(income)		40,000
Retained Earnings(beginning of year)		4,000,000
Administrative Expenses		800,000
Total Liabilities		8,000,000
Total Assets		16,500,000

Reed Geophysical Inc.
Statement of Income
For the year ended December 31, 2018
Revenue
Cost of sales
Purchases	this should be subtracted	(7,500,000)
Gross Profit
Other income
Expenses
Administrative expenses
Distribution costs
Total
Finance costs
Total
Profit before taxes
Income tax expense
Profit for the year		-
Reed Geophysical Inc.
Statement of Comprehensive Income
For the year ended December 31, 2018
(in $)
Profit for the year		-
Other comprehensive income/loss
Change in currency Translation
Decrease in property valuation
Total other comprehensive income/loss for the year
Total Comprehensive income