Flounder inc, a greeting card company that follows ASPE, had the following statements prepared as at december 31, 2017. 

  
 

Cash Accounts receivable Inventory Prepaid rent FLOUNDER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 Total assets Equipment Accumulated depreciation-equipment Goodwill Accounts payable Income tax payable Salaries and wages payable Short-term loans payable Long-term loans payable Common shares Retained earnings Total liabilities and shareholders' equity 12/31/17 12/31/16 $52,735 58,040 40,050 5,240 156,690 (35,240 ) 18,000 $295,515 $46,290 4,050 8,050 8,040 58,000 130,000 41,085 $295,515 $25,050 51,080 60,060 4,120 130,100 (25,120 ) 58,000 $303,290 $40,100 6,060 4,050 10,080 77,000 130,000 36,000 303,290