Assets GRANGER LTD. Statement of Financial Position December 31 2024 2023 Cash $84,800 $79,700 Accounts receivable (net) 115,000 108,000 Inventory 156,000 147,000 Prepaid expenses 34,700 33,000 Long-term investments 53,900 43,400 Property, plant, and equipment (net) 468,000 359,000 Total assets $912,400 $770,100 Liabilities and Shareholders' Equity Liabilities Accounts payable $53,800 $50,200 Accrued liabilities 36,100 40,000 Bank loan payable (current) 132,000 120,000 Bank loan payable, due 2031 240,000 180,000 Total liabilities 461,900 390,200 Shareholders' equity Common shares (39,800 shares issued) 239,000 239,000 Retained earnings 208,910 140,900 Accumulated other comprehensive income 2,590 -0- Total shareholders' equity 450,500 379,900 Total liabilities and shareholders' equity $912,400 $770,100 GRANGER LTD. Statement of Comprehensive Income Year Ended December 31 2024 2023 Sales $1,070,000 $753,000 Cost of goods sold 714,000 508,000 Gross profit 356,000 245,000 Operating expenses 221,000 145,000 Income from operations 135,000 100,000 Interest expense 39,700 18,000 Income before income tax 95,300 82,000 Income tax expense 25,900 18,100 Net income 69,400 63,900 Other comprehensive income 2,590 -0- Total comprehensive income $71,990 $63,900 Additional information: 1. Ninety percent of the sales were on account. 2. Inventory at the beginning of 2023 was $103,500. 3. Total assets at the beginning of 2023 were $681,000. 4. Total liabilities at the beginning of 2023 were $350,000. 5. Total current liabilities at the beginning of 2023 were $169,000. 6. Retained earnings at the beginning of 2023 was $89,800 and shareholders' equity was $331,000. 7. Accounts receivable at the beginning of 2023 were $79,100, net of an allowance for expected credit losses of $2,720. 8. In 2024, $1,390 of dividends was paid to the common shareholders. 9. The allowance for expected credit losses was $4,780 in 2023 and $7,430 in 2024. 10. Net cash provided by operating activities was $127,500 in 2023 and $144,400 in 2024. 11. Net capital expenditures were $60,500 in 2023 and $148,900 in 2024.