It's May 2024. Kevin Parker, CEO of Bellevue Shoes Inc. "Bellevue", is reviewing the 2023 Statement of Financial Position and Statement of Income, as shown in appendix 1. Kevin is very disappointed with past year's results and is concerned with how quickly the retail market is changing and how much business conditions have deteriorated over the past year due. Just over a year ago, the business was profitable, shareholders were supportive, and the bank had no concerns about the company's financial position. The bank last year had even offered to increase the company's available line of credit to $1,000,000 so that Bellevue could finance its forecasted sales growth (the line of credit is the maximum amount that the company can borrow from the bank at the stated annual rate of interest). Bellevue is only charged interest on the actual amount borrowed. The actual amount borrowed is shown as "Bank debt on line of credit" in the accompanying financial statements. The loan is secured by the company's inventory and accounts receivables. Online retailing is threatening sales in a variety of "brick and mortar" retail businesses, including the shoe retail sector. 2023 industry sales for retail businesses in Canada decreased by an