FRANKLIN LTD. Statement of Financial Position December 31, 2018 $ 65,000 15,000 95,000 120,000 165,000 Accounts payable Salaries payable Bonds payable Total liabilities $ 66,000 25,000 225,000 316,000 Cash Prepaid insurance Accounts receivable Inventory Land Building Less: Accumulated depreciation Trademark Less: Accum. Amort. Total assets $235,000 Common shares Retained eamings Total shareholders' equity 250.000 146,000 396.000 70,500 164,500 S 125,000 37,500 87,500 $712.000 Total liabilities and shareholders' equity $712.000 Net income retained for use in the business is $712,000. $396,000. $316,000. $146,000