Information from the statement of financial position and statement of income are given below for Fun & Fast Inc. (FFI), a company following IFRS, for the year ended December 31. FFI has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Comparative Statement of Financial Position, at December 31 Cash 2022 $ 92,700 90,800 2021 $ 47,250 Increase (Decrease) $ 45,450 53,800 Accounts receivable Inventory 37,000 121,900 102,650 19.250 Investments in land 84,500 107,000 (22,500) Property, plant, and equipment 290,000 205,000 85,000 Accumulated depreciation (49.500) (40,000) 9.500 $630.400 $458.900 Accounts payable Accrued liabilities $ 52,700 12,100 $ 48,280 $ 4,420 18,830 (6,730) Notes payable 140,000 70,000 70,000 Common shares Retained earnings 250,000 200,000 50,000 175.600 121.790 53.810 $630.400 $458.900 Statement of Income, Year Ended December 31, 2022 Revenues Sales Gain on sale of investment in land Gain on sale of equipment. $297,500 5,000 3.750