Additional information for year ended 31 December 2023: 1. One piece of freehold land was sold for $25,000 cash. This was the only land transaction during the year. 2. Equipment with cost of $5,000 and accumulated depreciation of $2,000 was sold for $4,000 cash, during the year. 3. Net income for year ended 31 December 2023 is $20,000. 4. $10,000 of bonds were redeemed during the year