1 Jan 2014 (S) 31 Dec 2014 ($) Assets Current Assets Cash at Bank 28,500 119,000 Accounts Receivable 3,000 35,000 Inventory 20.000 26.000 Total Current Assets 51,500 180,000 Non-Current Assets Buildings 30,000 30,000 less Accum Dep - Buildings 1,000 29,000 1,500 28,500 Equipment 40,000 70,000 less Accum Dep - Equipment 4,000 36.000 9.000 61,000 Total Non-Current Assets 65,000 89,500 Total Assets 116,500 269,500 Liabilities Current Liabilities Accounts Payable 5,000 7,000 Provision for Tax 5,000 7,000 Dividends Payable 0 7,000 Total Current Liabilities 10,000 21,000 Non-Current Liabilities Bank Loan 0 96,000 Total Liabilities 10,000 1 17,000 Owner's Equity Paid up Capital 100,000 100,000 Retained Earnings 6,500 52,500 Total Owner's Equity 106,500 152,500 Total Liabilities and Owner's Equity 116,500 269,500The balance of retained earnings on 1 January 2014, measured in CPP terms, was $1,642. You are given the following information regarding the operations of Sheldon Ltd during 2014: Cash Sales (all occurring on 31 October) $59,000 Credit Sales $77,000 Cash Collected from Customers $58,000 Cost of Goods Sold $29,000 Interest Revenue (all earned in 1" half of year) $500 Final Dividend - declared on September 30 $7,000 Depreciation Expense $5,500 Sales Returns (all occurred on 30 November) $2,500 Other Expenses $30,500 Tax Expense (recognised 31 December) $9,000 Sheldon Ltd purchased a new piece of equipment on 30 June 2014 which had a retail price of $30,000. The vendor allowed a $10,000 trade-in allowance on this equipment (a trade-in allowance reduces the cash purchase price and is allowed when the buyer gives the seller their old machinery at the time of purchase). This new piece of equipment is included in the 31 December 2014 balance sheet shown above. There was only one purchase of inventory during the year, which occurred on 1 January 2014. The following CPI data is available: 31 October 2013 98 1 Jan 2014 100 31 Mar 2014 102 30 June 2014 105 30 Sept 2014 109 31 October 2014 110 30 Nov 2014 111 31 Dec 2014 112 Annual Average Index 106