Sheridan Ltd., which follows ASPE had the following comparative statement of financial position: Sheridan Ltd. Comparative Statement of Financial Position Assets Cash Accounts receivable Inventory Prepaid insurance Equipment December 31 2021 2020 $ 82,500 $ 51,400 136,000 100,000 80,100 122,000 11,400 9,300 311,000 262,300 (74,800 ) (54,600 ) 80,000 98,700 $ 626,200 $ 589,100 Accumulated depreciation-equipment Patents Total assets Liabilities and Shareholders' Equity Accounts payable $ 91,600 $ 79,600 Notes payable 7,700 11,200 Salaries and wages payable 16,100 8,300 Income taxes payable 16,200 20,400 Long-term note payable 109,500 127,800 Common shares 273,100 273,100 Retained earnings 112,000 68,700 Total liabilities and shareholders' equity $ 626,200 $ 589,100