Northern Reflections Balance Sheet As at September 30, 2020 Assets Current Assets Cash $27,200 Accounts Receivable 16,000 Merchandise Inventory 13,000 Total Current Assets 56,200 Proptery, Plant & Equipment Equipment 130,000 Accumulated Depreciation -35.000 95,000 Total Assets $151,200 Liabilities Current Liabilities Accounts Payable $16,200 Current Portion of Bank Loan 6.000 Total Current Liabilities $22,200 Non-Current Liabilities Non-Current Portion of Bank Loan 18,000 Total Liabilities $40,200 Shareholders' Equity Common Shares 50,000 Retained Earnings 61,000 Total Shareholders' Equity 111,000 Total Liabilities & Equity $151,200 The bank loan has an annual interest rate of 5% and has monthly principal payment of $500. The inventory figure includes 500 units purchased at $26.00 each