2019 2020 Current assets Cash $8,000 $29,000 Accounts receivable 42,000 38,000 Allowance for doubtful debts (2,400) (4,000) Inventory 34,000 40,000 Prepaid insurance 12,000 4,000 Non-current assets Land 72,000 84,000 Buildings 102,000 108,000 Accumulated depreciation-building (42,000) (46,000) Equipment 56,000 50,000 Accumulated depreciation- equipment (18,000) (22,000) Current liabilities Accounts payable 38,000 34,000 Accrued expense payable 15,000 16,000 Income tax payable 9,000 18,400 Final dividend payable 8,000 10,000 Non-current liabilities Notes payable 82,000 62,000 Equity Share capital 70,000 80,000 General reserve 16,600 30,600 Retained earnings 25,000 30,000The following information is from Best Ltd's Statement of Profit or Loss for the financial year ended 30 June 2020: Sales revenue $124,000 Gain on sale of land 4,000 Gain on sale of equipment 4,000 132,000 Less Cost of sales 48,000 Insurance expense 8,000 Bad debts expense 2,400 Depreciation expense 18,000 Other expense 5,600 82,000 Profit before income tax expense 50,000 Less Income tax expense 22,000 Profit for the period 28,000 Additional information: 1. No building was disposed off during the current financial year. 2. A block of land with a cost of $16,000 was sold for $20,000. 3. Equipment to the value of $4000 and buildings to the value of $6000 were acquired with the issue of a long-term note. The amount payable has been included in notes payable on the statement of financial position. 4. A transfer was made from retained earnings to general reserve