Sandhill Limited is a private company reporting under ASPE. Its comparative balance sheet at December $31$ is as follows:

SANDHILL LIMITED

Balance Sheet

December $31$

Assets$20242023$Cash$$126,540$$$94,350$Accounts receivable $$832,500$ $$666,000$Inventory $$555,000$ $$366,300.$Prepaid insurance $$19,980$ $$27,750$Equipment $$1,387,500$ $$1,110,000$Accumulated depreciation$(388,500)(310,800)$Total assets$$2,533,020$ $$1,953,600$Liabilities and Shareholders' EquityAccounts payable$$250,860$$$222,000$Salaries payable$$33,300$ $$44,400.$Interest payable $$28,860$ $$22,200$Notes payable $$555,000$ $$388,500$Common shares $$666,000$ $$444,000.$Retained earnings $$999,000$ $$832,500$Total liabilities and shareholders' equity$$2,533,020$$$1,953,600$Additional information:$1$ Profit for $2024$ was $$222,000\mathrm{.}2$ Equipment was purchased during the year. No equipmen

t was sold$\mathrm{.}3$ Cash dheldends were paid to

the common shareholders during the year