Exercise 13-12 (Direct Method) The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD ent of Financial Position December 31 2014 Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets 2015 $55,440 $23,820 78,090 72,210 180,310 185,920 68,230 101,810 265,270 198,170 65,030 (30,080) $582,310 $551,850 Liabilities and Shareholders Equity Accounts payable Bank loan payable Common shares Retained earnings $40,500 47,790 139,140 198,920 204,480 172,450 198,190 132,690 $551,850 Total liabilities and shareholders' equity $582,310