Using the case record the uncompleted 2019 transactions (shaded in yellow under the Tab labelled "Ledger"). Post this, refer to the next Tab labelled "Financial Statements" and complete the preparation of the income statement and balance sheet for the year ended December 31, 2019.

Note: for the number for remaining Raw Materials please simply use an Ending Balance of USD30k for Raw Materials. Take this as a new case fact i.e. Mira closes her raw materials with USD 30K, with 40k of raw materials moving to Work in Progress (WIP) replacing any information in the case with this. 

Date Transaction Jan. 1 Issue shares 200,000 Jan. 12 Legal fees (7,000) Jun. 1 Purchase barrels (5,000) Jun. 9 Purchase materials (20,000) 20,000 Jun. 30 Purchase equipment (75,000) Aug. 1 Pay advt in advance Oct. 1 Purchase furniture (8,000) Dec. 1 Loan 15,000 Dec. 31 Dec. 31 Purchase materials Mfg costs Dec. 31 SG&A costs Dec. 31 Depn barrels (34,000) (23,000) 34,000 Dec. 31 Depn equipt Dec. 31 Depn furn. Dec. 31 Materials on hand Dec. 31 WIP completed Dec. 31 Cost of sales Dec. 31 Sales Dec. 31 5,000 75,000 50,000 8,000 15,000 (500) 250,000 (7,000) Startup costs (23,000) SG&A (500) SG&A Dec. 31 Dec. 31 43,000 20,000 34,000 87,500 50,000 15,000 250,000 (30,500) Dec. 31 Close I/S 43,000 20,000 34,000 87,500 50,000 15,000 250,000 (30,500) Period Life Annual Depn. & amort (mths) (years) charge 2019 Furnishings 3 4 2,000 500 Barrels 6 2 Equipment 6 10 Intangibles 6 5 10,000 5,000 5,500