Question 1 of 9 View Policies Current Attempt in Progress The statement of income and unclassified statement of financial position for Cullumber Inc, follow: Cullumber Inc. Statement of Financial Position December 31 Assets 2024 2023 Cash $83,100 $48,200 Accounts receivable 79,800 36,800 Inventory 131,000 102,000 Estimated inventory returns 1.760 1.100 Long-term investments 93,700 106,000 Equipment 289.000 205.000 Accumulated depreciation (48,900) (39.700) Total assets $629,460 $459,400 Liabilities and Shareholders' Equity Accounts payable $63,500 $48,400 Property tax payable 11,300 17,900 Refund liability 970 660 Bank loan payable-current portion 127,000 60,200 Bank loan payable--non-current portion 14,000 10,000 Common shares 241,000 202,000 Retained earni

Current Attempt in Progress The statement of income and unclassified statement of financial position for Cullumber Inc. follow: Additional information regarding 2024: 1. Long-term investments were sold for $4,800, resulting in a realized loss of $7,500. 2. New equipment costing $140,000 was purchased for $69,200 cash and a $70,800 bank loan payable. 3. Equipment costing $56,000 was sold for $15,400, resulting in a gain of $8,300. 4. Accounts payable relate to merchandise suppliers; property tax payable relates to operating expenses. 5. Adividend was paid during the year. 6. Operating expenses include $58,100 of depreciation expense and an $8,300 gain on disposal of equipment. 7. The company issued common shares for $60,000 cash and bought back and retired some other common shares at the cost they were originally issued at. sh and Issuirg a valik IUall payalve iur $/, ouv