Question 1 of 8 < $646,900 $479,300 Accounts payable $53,500 $48,380 Accrued liabilities 12,300 19,130 Notes payable 134,000 72,000 Common shares 260,000 208,000 Retained earnings 187,100 131,790 $646,900 $479,300 Statement of Income, year ended December 31, 2020 Revenues Sales revenue Gain on disposal of investment in land Gain on disposal of equipment Expenses Cost of goods sold $98,360 $289,410 5,000 8,950 303,360 -/30 III