Cullumber Ltd., a private company reporting under ASPE, reported the following for the years ended May 31,2024 and 2023. Additional information: 1. Profit for 2024 was $140,400. 2. Common shares were issued for $65,000. 3. Land with a cost of $65,000 was sold at a loss of $26,000. 4. Purchased land with a cost of $130,000 with a $71,500 down payment and financed the remainder with a mortgage note payable. 5. No equipment was sold during 2024 . 3 mortgage note payable for $