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Question 16 (28 points) Please use the adjusted year-end trial balance...

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Question 16 (28 points) Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for Masterworks Renovations Ltd (a) Statement of Income (7 marks) (b) Statement of Changes in Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) Masterworks Renovations Ltd. Adjusted Trial Balance June 30, 2020 Debit Credit Cash 30.000 Accounts receivable 45,000 Equipment 280.000 Accumulated depreciation Equipment $70,000 Accounts payable 40 000 Bank Loan payable 80.000 Common shares 80,000 Retained earnings 38.000 Dividends declared 33.000 Service revenue 230,000 Depreciation expense 7 000 Income tax expense 70.000 General and administrative expense 73.000 Total S538,000 S538.000 Additional Information $33.000 Dividends were declared and paid during the year 5,000 Common shares were issued for $15,000 $7 000 of the bank loan is due in December 2020

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