These items are taken from the financial statements of Summit Ltd. at December 31, 2015:

Instructions
(a) Calculate profit and the ending balance of retained earnings at December 31, 2015. It is not necessary to prepare a formal income statement or statement of changes in equity.
(b) Prepare a statement of financial position. Assume that $13,600 of the mortgage payable will be paid in 2016.

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Accounts payable Accounts receivable Accumulated depreciation-buildings $14,050 13,780 45,600 17,770 73,040 128,800 15,040 50,000 62,400 5,000 Interest expense Interest payable Land Long-term investments Mortgage payable Operating expenses Prepaid insurance Retained earnings, Ja Supplies $ 4,750 1,600 54,000 30,000 95,000 48,680 390 66,520 740 cumulated depreciation-equipment ervice revenue Buildings Cash Common shares quipment Income tax expense