Exercise 13-12 (Direct Method) The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD Statement of Financial Position December 31 2015 Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets 2014 $54,020 $24,720 75,720 183,310 187,420 69,620 102,340 264,900 198,090 (66,970) (31,400) $586,200 $556,890 81,320 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earning:s Total liabilities and shareholders' equity $38,110 $45,700 149,200204,310 197,040 174,440 201,850132,440 $586,200 $556,890