Financial statements for Discovery Company follow: DISCOVERY COMPANY Statement of Financial Position As of 31 December Assets 20X4 20X3 Current assets: Cash Accounts receivable Inventory $ 39,000 $ 34,000 1,085,700 885,700 1,041,200 809,300 Total current assets 2,010,400 1,884,500 Land 738,100 318,800 Plant and equipment 3,711,700 2,569,500 Less: Accumulated depreciation Patents Total assets Liabilities and shareholders' equity Liabilities: (1,891,700) (1,866,000) 196,100 206,200 $4,764,600 $ 3,113,000 Current liabilities: Accounts payable $ 611,500 $ 672,200 Salaries and wages payable 96,400 89,300 Income tax payable 225,500 210,500 Total current liabilities Long-term debt Total liabilities Shareholders' equity: Common shares, no-par Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 933,400 972,000 2,339,000 1,263,900 3,272,400 2,235,900 386,000 382,500 1,106,200 494,600 1,492,200 877,100 $4,764,600 $ 3,113,000