Set out below are Williams Ltd's nancial statements for the year ended 30 J'une: Williams Limited Comparative Statement ofFlnanela] Position as at 30 June m w Assets Cash 0 95.000 0 4?.250 Accounts receivable (net) 36.300 57.000 Inventory 121.900 102.050 [tweatments (long-term) 34.600 3?.000 Property. plant and equipment 250.000 205.000 Accumulated depreciation w m Total 355515 W W Liabilities and Shareholders' Equity Accounts payable 3 52.200 48.230 Accrued operating expenses 12.100 18.830 Notes payable (long-term} 100.000 70.000 Share capital 250.000 200.000 W5 earnings M 421.35% Total liabilities and shareholders\" equity W W Williams Limited Statement ofProtlt or Loss for the year ended 30 June 1020 Sales $300,000 Gain on sale of equipment 8.250 Less: 308,250 Cost of sales $ 99.450 Operating expenses 04.320 Income tax expense 7.220 Interest expense m 170,540! Net profit after tax W The following additional information was provided: (a) All sales and purchases of inventories were on account. (1:) Accounts payable pertains to inventory creditors. (c) Additional equipment was purchased for cash during the year. (d) Invesnnents were sold for cash at cost. (e) Equipment costing 34?.000 was sold for cash 1with a gain of $3.250. (f) A cash dividend was declared and paid during the year. (3) Operating expenses include depreciation expense of $49300. (11) Income tax expense and interest expense were settled in cash. (i) Additional shares were issued for cash during the year