Exercise 13-8 The comparative statement of financial position for Charmaine Retailers Ltd. follows: CHARMAINE RETAILERS LTD Statement of Financial Position December 31 2014 Assets Cash Accounts receivable Merchandise inventory Furniture Accumulated depreciation Total assets $ 18,360 $ 9,180 42,840 171,360 145,860 81,600 (45,900) (24,480) $361,080 $255,000 2015 51,000 166,260 Liabilities and Shareholders' Equity Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $361,080 $ 45,900 $35,700 77,520 56,100 148,920,60 105,060 61,200 85,680 $255,000 Additional information: 1. Profit was $63,240 in 2015 2. Depreciation expense was $21,420 in 2015 3. Payments made to the bank pertaining to the bank loan were $10,200 in 2015. Some new loans were obtained that year. 4. Common shares were issued in 2015 and no shares have been bought back by the company 5. In 2015, no furniture was sold