Financial statements for Discovery Company follow: DISCOVERY COMPANY Statement of Financial Position As of 31 December 20X4 20X3 Assets Current assets: Cash $ 32,000 $ 27,900 Accounts receivable 890,800 854,500 Inventory 726,800 664,300 Total current assets Land Plant and equipment Less: Accumulated depreciation Patents 1,649,600 605,600 3,045,300 (1,552,900) 160,800 1,546,700 261,700 2,109,400 (1,531,900) 169,300 Total assets $3,908,400 $2,555,200 Liabilities and shareholders equity Liabilities: Current liabilities: Accounts payable Salaries and wages payable Income tax payable $ 501,700 $ 551,800 79,100 73,300 185,000 172,800 Total current liabilities Long-term debt 765,800 1,919,100 797,900 1,037,600 2,684,900 1,835,500 Total liabilities Shareholders' equity: Common shares, no par Rotainor oarninne 316,700 ann an 314,000 uns 700