Assets Cash 2023 2022 $ 20,000 $ 40,000 Accounts receivable 85,200 75,300 Inventory Prepaid expenses FV-OCI investments Equipment Accumulated depreciation-equipment 103,600 101,500 2,100 5,500 47,100 45,200 178,000 159,000 (35,600) (24,100) Total $ 400,400 $ 402,400 Liabilities and Shareholders' Equity Accounts payable Income tax payable Dividends payable Long-term notes payable Common shares Retained earnings Accumulated other comprehensive income Total MARTINEZ INC. Statement of Comprehensive Income For the Year Ended June 30, 2023 Net sales $325,000 Cost of goods sold 174,000 Gross profit 151,000 Operating expenses 116,500 Income from operations 34,500 Interest expense 8,800 Income before income tax 25,700 Income tax 5,200 Net income 20,500 Other comprehensive income Unrealized gain or loss-OCI 1,900 Comprehensive income $22,400 $ 112,000 $ 96,500 2,100 3,600 4,200 83,600 121,500 32,000 25,500 156,500 147,200 10,000 8,100 $ 400,400 $ 402,400 Additional information: 1. Martinez follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. 2. Operating expenses include $11,500 in depreciation expense. 3. There were no disposals of equipment during the year. 4. Common shares were issued for cash. 5. During the year, Martinez acquired $8,300 of equipment in exchange for long-term notes payable.