Presented here are the financial statements of Ivanhoe Inc., which follows ASPE. Liabilities and Shareholders' Equity Accounts payable Income tax payable $16,3406,020$12,9006,880 Bonds payable 14,62028,380 Common shares 15,48012,040 Retained earnings Total \begin{tabular}{lr} $95,46043,000 & =$92,880 \\ \hline \end{tabular} Ivanhoe Inc. Income Statement Year Ended December 31, 202 Sales $208,120 Cost of goods sold Gross profit 57,620150,500 Selling expenses $15,480 \begin{tabular}{lrr} Administrative expenses & 5,160 & 20,640 \\ \cline { 4 - 4 } Income from operations & 36,980 \end{tabular} Interest expense Profit before income tax 34,4002,580 Income tax expense Profit for the year 6,880 1. Depreciation expense was $15,050. 2. Dividends declared and paid were $17,200. 3. During the year, equipment was sold for $7,310 cash. This equipment originally cost $15,480 and had accumulated depreciation of $8,170 at the time of sale. 4. Bonds were redeemed at their carrying amount. 5. Common shares were issued for cash. IVANHOE INC. Statement of Cash Flows-Indirect Method $ Adjustments to reconcile profit to $ $