## Answers

Statement of Changes to Equity | |||

Year Ended December 31,2022 | |||

CommonShares | RetainedEarnings | TotalEquity | |

Balance, Jan. 1 | $0 | $0 | $0 |

Issued common shares | $51,000 | $51,000 | |

Net income / (Loss) | $57,700 | $57,700 | |

Dividends declared | ($1,000) | ($1,000) | |

Balance, Dec. 31 | $51,000 | $56,700 | $107,700 |

**Calculations:**

Income Statement | ||

Revenue | $145,000 | |

Expenses: | ||

Insurance expense | $4,800 | |

Interest expense | $4,000 | |

Salaries expense | $78,500 | |

Total expenses | $87,300 | |

Net income | $57,700 |

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