Question 2 - 20 marks The statement of income and unclassifed statement of financial position for Doohan Lod. b as follows: Dechan Ltd. Statement of Innome. Addtional information: - Prepsid experises and property tax psyable retsle to opersing experises. - New equipment cosing \$85,000 was purchased for \$27,000 cash and a \$58,000 langterm bank loan payable. - Old equipment hasving an origins cost of \$58,500 was sold for \$1.500. - Accosunts payable relate to imverilory sapplers. - Some of the bank loan was repald during the year. - A dividend was paid during the year. - Operating expenses indude $46,500 of deprociation expense and a $7,500 loss on diaposal of equipment. - Common shares were issued for \$42,000 cash during the year and some common shares were bought back and reired at the cost they were criginally issued at. Instructions
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