Presented below is the comparative balance sheet for Diatessaron Inc , a private company reporting under ASPE, at December 31, 2021, and 2020 DIATESSARON INC Balance Sheet December 31 Assets 2021 2020 Cash $67,000 $98,000 Accounts receivable 101,000 75,000 Inventory 205,000 155,500 Long term investment 101,500 0 Property, plant, and equipment 535,000 460,000 Less Accumulated depreciation (162,500 ) (140,000 ) $847,000 $648,500 Liabilities and Shareholders' Equity Accounts payable $57,500 $47,000 Dividends payable 6,000 0 Income tax payable 14,000 15,000 Long term notes payable 25,000 0 Common shares 630,000 525,000 Retained earnings 114,500 61,500 $847,000 $648,500 DIATESSARON INC Income Statement Year Ended December 31, 2021 Sales $663,000 Cost of goods sold 432,000 Gross profit 231,000 Operating expenses $147,500 Loss on sale of equipment 3,000 150,500 Profit from operations 80,500 Interest expense 3,000 Interest revenue (4,500 ) (1,500 ) Profit before income tax 82,000 Income tax expense 14,000 Profit $68,000 Additional information 1 Cash dividends of $15,000 were declared 2 A long term investment was acquired for cash at a cost of $101,500 3 Depreciation expense is included in the operating expenses 4 The company issued 10,500 common shares for cash on March 2, 2021 The fair value of the shares was $10 per share The proceeds were used to purchase additional equipment 5 Equipment that originally cost $30,000 was sold during the year for cash The equipment had a carrying value of $9,000 at the time of sale 6 The company issued a note payable for $28,000 and repaid $3,000 by year end 7 All purchases of inventory are on credit 8 Accounts Payable is used only to record purchases of inventory Is it necessary to show both the proceeds from issuing a new note payable and the partial repayment of notes payable Or is it sufficient to simply show the net increase or decrease in notes payable, as is done with accounts payable Explain

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Presented below is the comparative balance sheet for Diatessaron Inc., a private company reporting under ASPE, at December 31, 2021, and 2020: DIATESSARON INC. Balance

Presented below is the comparative balance sheet for Diatessaron Inc., a private company reporting under ASPE, at December 31, 2021, and 2020:

DIATESSARON INC. Balance Sheet December 31
Assets	2021		2020
Cash	$67,000		$98,000
Accounts receivable	101,000		75,000
Inventory	205,000		155,500
Long-term investment	101,500		0
Property, plant, and equipment	535,000		460,000
Less: Accumulated depreciation	(162,500	)	(140,000	)
	$847,000		$648,500
Liabilities and Shareholders' Equity
Accounts payable	$57,500		$47,000
Dividends payable	6,000		0
Income tax payable	14,000		15,000
Long-term notes payable	25,000		0
Common shares	630,000		525,000
Retained earnings	114,500		61,500
	$847,000		$648,500

DIATESSARON INC. Income Statement Year Ended December 31, 2021
Sales			$663,000
Cost of goods sold			432,000
Gross profit			231,000
Operating expenses	$147,500
Loss on sale of equipment	3,000		150,500
Profit from operations			80,500
Interest expense	3,000
Interest revenue	(4,500	)	(1,500	)
Profit before income tax			82,000
Income tax expense			14,000
Profit			$68,000

Additional information:
1.		Cash dividends of $15,000 were declared.
2.		A long-term investment was acquired for cash at a cost of $101,500.
3.		Depreciation expense is included in the operating expenses.
4.		The company issued 10,500 common shares for cash on March 2, 2021. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment.
5.		Equipment that originally cost $30,000 was sold during the year for cash. The equipment had a carrying value of $9,000 at the time of sale.
6.		The company issued a note payable for $28,000 and repaid $3,000 by year end.
7.		All purchases of inventory are on credit.
8.		Accounts Payable is used only to record purchases of inventory.

Is it necessary to show both the proceeds from issuing a new note payable and the partial repayment of notes payable? Or is it sufficient to simply show the net increase or decrease in notes payable, as is done with accounts payable? Explain.