Question 17 (2 points) Use the following information to answer questions 17-20. MARCOTTE MASONARY LTD. Statement of Financial Position December 31, 2015 $ 50,000 5,000 75,000 110,000 90,000 Accounts payable Salaries payable Mortgage payable Total liabilities $ 40,000 5,000 190,000 235,000 $220,000 Cash Prepaid insurance Accounts receivable Inventory Land Building -Accumulated depreciation Trademark -Accumulated amortisation Total assets Common shares Retained earnings Total shareholders' equity 200,000 105,000 305,000 160,000 60,000 $ 75,000 25,000 50,000 $540,000 Total liabilities and shareholders' equity $540,000 The total dollar amounts of current assets and current liabilities respectively are $130,000 and $$45,000 $190,000 and $40,000 $240,000 and $45,000 $330,000 and $235,000 Question 18 (2 points) The total dollar amount of assets to be classified as net property, plant, and equipment is $250,000 $300,000 $160,000 $240,000 Question 19 (2 points) Assume that MARCOTTE MASONARY LTD distributed dividends of $20,000 this fiscal period and the retained earing on January 1, 2015 was $150,000. The dollar amount of net income for the fiscal year 2015 is a profit of $25,000 a loss of $45,000 a loss of $25,000 O a profit of $45,000 Question 20 (2 points) The total dollar amount in the contra asset accounts is $60,000 $85,000 $235,000 O $210,000