P ltd operates under ideal conditions.a capital asset for $3100,which generate $1210 cash flow at the end of one year and $2000 at the end of second year.The asset has a salvage value of $420 at the end of second year.The interest rate is 10%. Question: prepare the present value-based balance sheet as at the end of the first year and an income statement for the year. P Ltd. plans to pay no dividend in this year.