CRANE CHOCOLATE COMPANY Balance Sheet May 31 Assets 2021 2020 Cash $33,675 $42,250 Accounts receivable 82,350 74,250 Inventory 166,000 155,250 Prepaid expenses 4,100 5,600 Land 113,250 70,500 Equipment 301,000 181,000 Accumulated depreciation-equipment (59,200 ) (35,250) Total assets $641,175 $493,600 Liabilities and Shareholders' Equity Accounts payable $40,150 $35,250 Dividends payable 5,600 4,100 Income taxes payable 1,300 5,100 Mortgage payable 113,000 75,250 Common shares 209,500 161,250 Retained earnings 271,625 212,650