Martinez Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2023: MARTINEZ Inc. Comparative Statement of Financial Position December 31 h 2023 Cash $63,328 Accounts receivable 58,900 Inventory 42,000 6.200 Prepaid rent 151 000 Equipment Accumulated depreciation-equipment (30.500) Total assets $290,928 $50.800 Accounts payable Income tax payable 3,500 64,000 Long-term loans payable 125.700 Common shares 2022 $53,900 52.000 65.000 3,800 127,000 (22,500) $279,200 $36,500 6,400 70.000 125,700

MARTINEZ Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2023 Cash Flows from Operating Activities Net Income / (Loss) $ 17628 Depreciation Expense Proceeds on Sale of Equipment Increase in Accounts Receivable Decrease in Inventory Cash Flows from Operating Activities Cash Flows from Investing Activities Purchase of Equipment Gain on Disposal of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Principal Payments on Long-Term Loan Dividend Paid Cash Flows from Financing Activities Net Increase in Cash and Cash Equivalents Cash, January 1, 2023 Cash, December 31, 2023 $22700 Additional information: 1. Dividends on common shares in the amount of $11,300 were declared and paid during 2023. 2. Depreciation expense of $22,700 is included in operating expenses. 3. Equipment with a cost of $21,000 that was 70% depreciated was sold during 2023 . Martinez Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2023