A comparative statement of financial position for Blue Spruce Industries Inc. follows: BLUE SPRUCE INDUSTRIES INC. Statement of Financial Position December 31, 2023 December 31 Assets 2023 2022 Cash $22,800 $35,800 Accounts receivable 122,000 55,600 Inventory 234,000 191,000 Land 77,000 125.000 Equipment 269,000 216,000 Accumulated depreciation-equipment (70,300) (43,500) Total $654,500 $579,900 Liabilities and Shareholders' Equity Accounts payable $52,400 $59.500 Bonds payable 163,800 213,800 Common shares 233,000 183,000 Retained earnings 205,300 123.600 Total $654,500 $579,900 Additional information: 1 Net income for the fiscal year ended December 31, 2023, was $130,000. 2. Cash dividends of $48,300 were declared and paid. Dividends paid are treated as financing activities. 3. Bonds payable amounting to $50,000 were retired through the issuance of common shares. 4. Land was sold at a gain of $4,000. 5. No equipment was sold during the year