\fArgo's Ltd.'s December 31, 2018 financial statements showed the following: Income Statement Sales 1.100,000 Cost of Goods Sold 602,000 Gross Profit $ 498,000 Depreciation Expense 84.000 Other cash expenses 309,000 393,000 Gain from sale of equipment 7,200 Net income $ 112.200 Balance Sheet Assets 2018 2017 Difference Cash 56.300 $ 24.300 32,000 Accounts receivable 42,000 66,000 (24,000) Inventory 200,100 124,100 * 76,000 Equipment 480.000 444.000 36.000 Less accumulated depreciation (216,000) (192,000) (24,000) Total Assets $ 562.400 $ 466.400 $ 96,000 Liabilities and Equity Accounts payable 62,000 53,400 8,600 Common shares Retained earnings 252,000 185,000 67,000 248,400 228,000 20.400