Queenstar Co. follows International Financial Reporting Standards, Queenstar classifies payments of interest as "operating" activities, and payments of dividends as "financing" activities. Queenstar Co.'s statement of financial position and their statement of income (year ending December 31, 2020) are provided below: December 31 2020 2019 Change Cash $47,000 $53,000 $(6,000) Cash equivalents (Note 1) 31,000 36,200 (5,200) Accounts receivable 352.000 291,000 61.000 Prepaid Insurance 16.600 36.500 (19,900) Inventory 416,000 377,700 38,300 Supplies 13,000 17,000 (4,000) Long-term investment, at equity (Note 7) 420,000 408,300 11,700 Land (Note 6) 634,000 512.000 122.000 Buildings (Note 3) 1,310,000 1.280.000 30,000 Accumulated depreciation-buildings (400,000) (360,000) (40,000) Equipment (Note 4) 635.000 642.600 (7,600) Accumulated depreciation-equipment (160,000 ) (135,000) (25,000) Patent 100,000 100,000 -0- Accumulated amortization (40,000) (35,000) (5,000) $3,374,600 $3,224,300 $150,300 Bank overdrafts (temporary) $80.200 $(80.200) Accounts payable 164,000 154,000 10,000 Income tax payable 26,000 35,000 (9.000) Accrued liabilities 59,000 47.000 12.000 Dividends payable 21,000 50,000 (29.000) Long-term notes payable 420,000 460,000 (40,000) Bonds payable 999,000 995,000 4,000 Preferred shares (Note 2) 486,000 380,000 106,000 Common shares 747,000 675,000 72.000 Retained earnings 452,600 348,100 104,500 $3,374,600 $3,224,300 $150,300