5,000 or Sheffield Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2023: Additional information: 1. Dividends on common shares in the amount of $12,400 were declared and paid during 2023. 2. Depreciation expense of $24,150 is included in operating expenses. 3. Equipment with a cost of $20,500 that was 70% depreciated was sold during 2023