Ocean Side Hotels has completed its financial statements for 2020. The income statement and comparative balance sheet were prepared as shown below. Ocean Side Hotels Balance Sheet As at January 31 Assets 2020 2019 Current Assets Cash $156,355 $59,200 Accounts Receivable $89,900 $91,000 Inventory $213,000 $189,900 Prepaid Expenses Total Current Assets Long-Term Assets Land $11,400 $11,400 $470,655 $351,500 $0 $40,000 Equipment $345,000 $345,000 Accumulated Depreciation $-28,400 $-22,800 Total Long-Term Assets $316,600 $362,200 Total Assets $787,255 $713,700 Liabilities Current Liabilities Accounts Payable $51,900 $46,100 Notes Payable, Current Portion $7,100 $7,100 Total Current Liabilities $59,000 $53,200 Notes Payable, Long-Term Portion $65,900 $73,000 Total Liabilities Shareholders' Equity $124,900 $126,200