Near the end of its first year of operations, December 31, 2021, Lily Designs Ltd, approached the local bank for a $21.600 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 Cash Receipts Cash Payments $ 18,400 147,100 Equipment $36.300 Supplies Rent Insurance 7,800 20.290 3.840 Income tax Advertising 6.000 6.000 Salaries 59,100 Dividends declared 10.700 $165.500 $150.830 Additional information 1 Fees from design work earned but not yet collected amounted to $2.520 2 3. The equipment was purchased at the beginning of January and has an estimated six-year useful lite. The company uses straight-line depreciation. Supplies on hand on December 31 were $1.260 Rent payments included a $1.510 per month rental fee and a $2.170 deposit that is refundable at the end of the two-year