Current Attempt in Progress The financial statements of Cullumber Ltd, a private company reporting under ASPE, follow CULLUMBER LTD. Balance Sheet December 31 2021 Assets 2020 Cash $5.726 $8,900 Short-term notes receivable 11.800 21.100 Accounts receivable 26,400 12.400 Inventory 27.900 23,400 Property, plant, and equipment 70.200 75,400 Accumulated depreciation 28.400 22.900) Total assets $113.626 $118.000 Liabilities and Shareholders' Equity Accounts payable $23.400 $41.700 Income tax payable 2.200 18.200 Notes payable 11.700 8700 Common shares 22.700 22700 Retained earnings 53626 27000 Total liabilities and shareholders' equity $112626 $118.300 CULLUMBER LTD. Income Statement Year Ended December 31.2021 Sales $290-400 Cost of goods said 191200 Gross profit 99.200 Operating expenses $35.600 Loss on sale of equipement 1600 37.200 Proft from operations 52000 Other revenues and expenses Interest revenue SC80 Interest expense 1.600 20 Profit before income tax 51.380 Income tax 15354 Profit 535826 Additional information