Using the information provided on the Account Information Spreadsheet, complete the following Financial Statements for Reed Geophysical Inc. for 2015

Statement of Income

Statement of Comprehensive Income

Statement of Changes in Equity

Statement of Financial Position

Account Name Balance (2020)Income tax Expense$600,000Decrease in porperty valulation 35,000Property, Plant, Equipment ? Solve Current Assets 6,500,000Cost of Sales 7,500,000Distribuiton Costs 900,000Common Shares Issued 895,000Finance Costs 90,000Stock Option Compenstation 40,000Profit before Taxes 1,750,000Retained Earnings(endof year) 5,000,000Dividends Paid 150,000Other Income 40,000Gross Profit 3,500,000Share Captial (end of year 2020) 3,395,000Contributed surplus (beginnning of year) 60,000Non-Current Liablilities 5,000,000Change in Currency Translation(income) 40,000Retained Earnings(beginning of year) 4,000,000Administrative Expenses 800,000Total Liabilities 8,000,000Total Assets 16,500,000

Current Asset - Components Inventories 50% of Cost of SalesTrade Receivables 25% of Cost of SalesPrepaid expenses 5% of Cost of SalesCash and cash equivalents Solve Current Liabilities - Components Trade and other payables 25% of Cost of SalesShort-term borrowings SolveCurrent position of long-term borrowings 10% of Non-Current Liabilities

The Statement of Financial Position has sub-components for Current Assets and Current Liabilities, but these amounts are not given directly. Often these sub-component amounts might be percentages of other amounts. For example, Inventories, Trade Receivables and Prepaid Expenses are associated with Cost of Sales. Also, Trade and other payables (i.e. Accounts Payable) might also be linked to Costs of Sales. Current position of long-term borrowings will be often a portion of Non-Current Liabilities (Long Term Debt).