Sheridan Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of equipment Profit before income tax Income tax expense SHERIDAN LTD. Income Statement Year Ended November 30, 2024 Profit for the year Changes in current assets and current liabilities were as follows: Accounts receivable Inventory $872,160 450,800 421.360 $285,200 46,000 (9,200) 322,000 99,360 27,600 $71,760 $33,120 decrease 17.480 increase