A comparative statement of financial position for Novak Industries Inc. follows: Additional information: 1. Net income for the fiscal year ended December 31,2023 , was $147,000. 2. Cash dividends of $61,000 were declared and paid. Dividends paid are treated as financing activities. 3. Bonds payable amounting to $41,000 were retired through the issuance of common shares. 4. Land was sold at a gain of $6,000. 5. No equipment was sold during the year