Additional information:

• Ordinary shares were redeemed during the year at their book value.
• The face value of the bonds is $400,000; they pay a coupon rate of 7% per annum. The effective rate of interest is 6% per annum.
• Net income was $100,000.
• There was an ordinary stock dividend valued at $20,000 and cash dividends were also paid.
• Interest expense for the year was $100,000. Income tax expense was $50,000.
• Robinson arranged for a $500,000 bank loan to finance the purchase of equipment.
• Robinson sold equipment with a net book value of $150,000 (original cost $200,000) for $180,000 cash.
• Robinson leased right-of-use equipment valued at $250,000.
• Robinson has adopted a policy of reporting cash flows arising from the payment of interest and dividends as operating activities.

Robinson Inc. Balance Sheets As at December 31 2021 2020 Assets Cash 600,000 400,000 Accounts receivable 1.100,000 1.300,000 Inventory 400,000 600,000 Investments-held to meet short-term cash commitments 200,000 Investments-financial asset at amortized cost 100,000 Property, plant. and equipment 4,200,000 3,400,000 Accumulated depreciation (2.000,000) (1.500,000) Total $ 4.600,000 $ 4.200,000 Liabilities and shareholders' equity Accounts payable $ 100,000 $ 150,000 Bank loans 2.700,000 2.400,000 Bonds payable 413.860 416.849 Preferred shares 300,000 Ordinary shares 300,000 400,000 Retained earnings 786,140 833.151 Total $ 4.600,000 $ 4.200,000