Current Attempt in Progress Sheridan Ltd., which follows ASPE had the following comparative statement of financial position: Sheridan Ltd. Comparative Statement of Financial Position Assets Cash Accounts receivable Inventory Prepaid insurance December 31 2021 2020 $ 82,000 $ 50,400 135,000 104,500 78,000 120,300 10,300 7,500 Equipment 304,000 271,800 Accumulated depreciation-equipment (68,000 ) (49,000) Total assets $ 541,300 $ 505,500 Liabilities and Shareholders' Equity Accounts payable $ 88,600 $ 72,700 Salaries and wages payable 12,600 8,200 Income taxes payable 16,600 18,600 Mortgage payable 110,600 122,500 Common shares 220,500 210,000 Retained earnings 92,400 73,500 Total liabilities and shareholders' equity $ 541,300 $ 505,500 Additional information: Net income was $54,100. New equipment was purchased and none was sold. Common shares were issued for cash. Cash dividends were paid to common shareholders.