Exercise 13-12 (Direct Method) The comparative unclassified statement of financial position for Puffy Ltd. follows: PUFFY LTD. Statement of Financial Position December 31 Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Total assets 2015 2014 $59,460 $24,920 77,060 187,440 191,710 68,050 103,550 262,400 197,330 31,740) 81,490 (66,000)6130 $592,840 $562,830 Liabilities and Shareholders' Equity Accounts payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $592,840 $38,610 46,730 149,280 209,110 202,950 172,340 202,000 134,650 $562,830