Question 1 The comparative statement of financial position for Spector Ltd. follows: SPECTOR LTD., Statement of Financial Position, As at December 31, 2016 2016 2015 Change Assets $22,000 Cash $55,000 $33,000 15,000 60,000 Accounts receivable 75,000 247,000 250,000 (3,000) Inventories (47,000) Land 293,000 340,000 290,000 250,000 40,000 Equipment Accumulated depreciation 120,000 7,000 43,000 Total assets 840,000 845.000 5,000 Liabilities and Shareholders' Equity $50,000 $143,000 ($93,000) Accounts payable 190,000 Bank loan payable 182,000 8,000 20,000 Common shares 210,000 190,000 60,000 Retained earnings 390,000 330.000 Total liabilities and shareholders' 840,000 845.000 5,000 equity