SIMBA LTD Comparative Statement of nancial positions Assets Cash Net Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total Liabilities and Equity Accounts payable Accrued expenses payable Notes payable Ordinary shares Retained earnings Total Sales Less: Cost of Sales 30 June SIMBA LTD Income Statement for the year ended 30 June 2017 Operating expenses (excluding depreciation) Depreciation expense Income taxes Interest expense Loss on sale of plant assets Net income Additional information: P'P'P'E'JT' 2017 $ 72,000 85,000 120,000 19,000 90,000 310,000 (65,000) M $ 93,000 29,000 130,000 245,000 134,000 $631,000 $480,000 $290,000 60,000 17,000 15,000 18,000 3,000 New plant assets costing $85,000 were purchased for cash in 2017. Old plant assets costing $25,000 were sold when book value was $13,000. Notes with a face value of $30,000 were converted into $30,000 of ordinary shares. A cash dividend was declared and paid during the year. Accounts payable pertain to merchandise purchases. 2016 $ 35,000 53,000 132,000 25,000 75,000 250,000 (60,000) M $ 75,000 24,000 160,000 170,000 81,000 510,000 403,000 i 77,000