Sheffield inc. is a major retailer of road bicycles and a promoter of riding bicycles to work, both to save the environment and improve physical fitness. Financial statements for Sheffield are presented below. Current liabilities The following is additional information concerning Sheffield's transactions during the year ended December 31, 2024: - Equipment costing $40,000 was purchased by paying $35,100 cash and issuing 100 shares. - Equipment costing $30,000 that was purchased at the beginning of 2023 was sold at the end of 2024 for $25,250.5 Straigh line depreciation had been used with an expected asset life of 10 years and a residual value of $0. - The "other expenses" relate to prepaid items. - In order to supplement its cash, Sheffield borrowed an additional $40,000 and issued an additional 100 shares. - Cash dividends of $4,500 were paid at the end of the fiscal year. - Cost of sales includes $135,000 of direct labour costs. Non-cash investing and financing activities