Pharoah Ltd., a private company reporting under ASPE, reported the following for the years ended May 31,2024 and 2023. PHAROAH LTD. Balance Sheet May 31 Assets 2024$14,3602023$49,020 Accounts receivable Inventory 96,900196,08086,640182,400 Prepaid expenses 5,7008,550 Land Equipment 370,500216,600 Accumulated depreciation Total assets $748,235(77,805)$583,110 Liabilities and Shareholders' Equity Accounts payable $49,020$43,320 Dividends payable 8,550 Income tax payable 2,8506,840 Mortgage payable 142,50091,200 Common shares 247,380190,380 Retained earnings Total liabilities and shareholders' equity 1. Profit for 2024 was $123,120. 2. Common shares were issued for $57,000. 3. Land with a cost of $57,000 was sold at a loss of $22,800. 4. Purchased land with a cost of $114,000 with a $62,700 down payment and financed the remainder with a mortgage note payable. 5. No equipment was sold during 2024