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Question 6 of 8 Current Attempt in Progress Condensed financial data follow for Ivanhoe Ltd. Ivanhoe reports under ASPE. IVANHOE LTD. Balance Sheet December 31 Assets 2021 2020 Cash $96,650 $49,900 Accounts receivable 81,900 43,100 Inventory 119,200 91,900 Prepaid expenses 37,700 27,400 126,000 112,000 Long-term investments Property, plant, and equipment Accumulated depreciation 278,300 244,800 (53,900) (50,700 Total assets $685,850 $518,400 Liabilities and Shareholders' Equity Accounts payable $94,800 $78.100 Question 6 of 8 Accrued expenses payable 12,100 7,800 Notes payable 111,500 159,400 Common shares 248,700 187,600 Retained earnings 218,750 85,500 Total liabilities and shareholders' equity $685,850 $518,400 IVANHOE LTD. Income Statement Year Ended December 31, 2021 Sales $491,700 Cost of goods sold Gross profit 186,900 304,800 $58,700 Operating expenses Depreciation expense Loss on sale of equipment 46,100 7.980 112,780 Profit from operations 192,020 Question 6 of 8 Note X: Equipment was purchased by paying $ cash and issuing a note payable for $ G 26'C Weather alert

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