Near the end of its first year of operations, December 31, 2021, Bramble Designs Ltd. approached the local bank for a $21,000 loan and was asked to submit financial statements prepared on an accrual basis. Although the company kept no formal accounting records, it did maintain a record of cash receipts and payments. The following information is available for the year ended December 31: Issue of common shares Fees earned Equipment Cash Receipts Cash Paymen $20,300 167,100 $32,400 Supplies 8,900 Rent 21,600 Insurance 3,840 Income tax 5,800 Advertising 6,100 Salaries 61.900 Dividends declared 10,900