Using the information provided on the Account Information sheet complete the following Financial Statments for Reed Geophysical Inc. for $2020$

$1.$ Statement of Income

$2.$ Statement of Comprehensive Income

$3.$ Statement of Changes in Equity

$4.$ Statement of Financial Position

Account Name Balance $(2023)$

Income tax Expense $ $600,000$

Decrease in property valulation $35,000$

Property, Plant, Equipment $?$ Solve

Current Assets $6,500,000$

Cost of Sales $9,500,000$

Distribuiton Costs $900,000$

Common Shares Issued $755,000$

Finance Costs $110,000$

Stock Option Compenstation $40,000$

Profit before Taxes $1,730,000$

Retained Earnings$($end of year $2023)5,000,000$

Dividends Paid $130,000$

Other Income $40,000$

Gross Profit $3,500,000$

Share Captial $($end of year $2023)3,395,000$

Contributed surplus $($beginnning of year $2023)60,000$

Non$-$Current Liablilities $5,000,000$

Change in Currency Translation$($income$)40,000$

Retained Earnings$($beginning of year $2023)4,000,000$

Administrative Expenses $800,000$

Total Liabilities $8,000,000$

Total Assets $16,500,000$

Current Asset $-$ Components

Inventories $50\%$ of Cost of Sales

Trade Receivables $15\%$ of Cost of Sales

Prepaid expenses $2\mathrm{.}5\%$ of Cost of Sales

Cash and cash equivalents Solve

Current Liabilities $-$ Components

Trade and other payables $25\%$ of Cost of Sales

Short$-$term borrowings Solve

Current position of long$-$term borrowings $10\%$ of Non$-$Current Liabilities

Reed Geophysical Inc.

Statement of Income

For the year ended December $31,2023$

Revenue $($Sales$)$

Cost of Sales

Gross Profit

Other income

Expenses

Administrative expenses

Distribution costs

Total Expenses

Finance costs

Total Expenses and Finance Costs

Profit before taxes

Income tax expense

Profit for the year

Reed Geophysical Inc.

Statement of Comprehensive Income

For the year ended December $31,2023$

$($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

Reed Geophysical Inc.

Statement of Changes in Equity

For the year ended December $31,2023$

$($in $$)$

$20232022$

Share Capital

Balance at beginning of year

Common shares issued

Balance at end of year

Contributed Surplus

Balance at beginning of year

Stock option compensation

Balance at end of year

Retained Earnings

Balance at beginning of year

Profit applicable to common share holders

Dividends paid

Balance at end of year

Total Other Comprehensive Income$/$Loss for the year

Balance at beginning of year

Change in currency translation

Change in property revaluation $($Decrease$)$

Balance at end of year

Total Equity

Reed Geophysical Inc.

Statement of Financial Position

As at December $31,2023$

$($in $$)$

Assets

Non$-$current assets

Property, plant, and equipment

Decrease in property revaluation

Total non$-$current assets

Current assets

Inventories $(50\%$ of Cost of Sales$)$

Trade Receivables $(15\%$ of Cost of Sales$)$

Prepaid expenses $(2\mathrm{.}5\%$ of Cost $0$f Sales$)$

Cash and cash equivalents $($Solve$)$

Total current assets

Total assets

Equity and liabilities

Equity

Contributed equity

Share capital

Retained earnings

Other Comprehensive Income$/$Loss

Total equity

Non$-$current liabilities

Current liabilities

Trade and other payables $(25\%$ of Cost of Sales$)$

Short$-$term borrowings $($Solve$)$

Current position of long$-$term borrowings $(10\%$ of Non$-$Current Liabilities$)$

Total current liabilities

Total liabilities

Total equity and liabilities