Financial statements in historical cost of Steven Lid are shown as follows: Statement of financial performance for year ended 31 December 2022 Sales 1,650,000 Less Cost of goods sold 1,285,000 Gross profit 365,000 Less Operating expenses 156,000 Depreciation 201,600 45,600 Net profit 163.400 Statement of financial position at the end of financial year 31-Dec 31-Dec 2021 2022 Assets Current assets Cash 150,000 317,000 Accounts receivable 175,000 350,000 Inventory 165,000 210,000 Non-current assets Equipment (net of 870.000 824,400 depreciation) Total assets 1.360.000 1.701.400 Liabilities Current liabilities Accounts payable 170,000 348,000 Shareholders' equity Share capital 450,000 450,000 Retained profit 740.000 903.400 Total liabilities and equity 1,360,000 1,701,400(v) Inventory shown in the statement of financial position at 31 December 2022 was acquired at price level of 220