A comparative statement of financial position for Pina Colada Industries Inc. follows: Assets Cash Accounts receivable Inventory Land PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2023 Equipment Accumulated depreciation-equipment Total Liabilities and Shareholders' Equity 2023 December 31 $22,000 122,000 227,000 91,000 261,000 (69,200) $653,800 2022 $35,000 54,900 201,000 119,000 218,000 (43,400) $584,500

Additional information: 1. Net income for the fiscal year ended December 31,2023 , was $146,000. 2. Cash dividends of $70,000 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 $3,000. 5. No equipment was sold during the year. A comparative statement of financial position for Pina Colada Industries Inc. follows: PINA COLADA INDUSTRIES INC. Statement of Financial Position December 31, 2023 \begin{tabular}{|c|c|c|} \hline \multirow[b]{2}{*}{ Assets } & \multicolumn{2}{|c|}{ December 31} \\ \hline & 2023 & 2022 \\ \hline Cash & $22,000 & $35,000 \\ \hline Accounts receivable & 122,000 & 54,900 \\ \hline Inventory & 227,000 & 201,000 \\ \hline Land & 91,000 & 119,000 \\ \hline Equipment & 261,000 & 218,000 \\ \hline Accumulated depreciation-equipment & (69,200) & (43,400) \\ \hline Total & $653,800 & $584.500 \\ \hline \end{tabular} Liabilities and Shareholders' Equity