Statement of Financial Position December 31 Assets 2020 2019 Cash $ 49,400 $ 22,040 Accounts receivable 66,120 44,840 Inventory 101,080 61,560 FV-OCI investments in shares 47,880 63,840 Land 49,400 78,280 Equipment 296,400 326,800 Accumulated depreciation-equipment (88,920) (65,360) Goodwill 94,240 131,480 Total $ 615,600 $ 663,480 Liabilities and Shareholders' Equity Accounts payable $9,120 $ 38,760 Dividends payable 11,400 24,320 Notes payable 167,200 254,600 Common shares 201,400 95,000 Retained earnings 218,880 215,840 Accumulated other comprehensive income 7,600 34.960 Total $ 615,600 $ 663,480 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $ 14,440. 2. 3. 4. In March 2020, a plot of land was purchased for future construction of a plant site. In November 2020. a different plot of land with original cost of $ 65,360 was sold for proceeds of $ 72,200. In April 2020, notes payable amounting to $ 106,400 were retired through the issuance of common shares. In December 2020, notes payable amounting to $ 19,000 were issued for cash. FV-OC investments were purchased in July 2020 for a cost of $ 11,400. By December 31, 2020, the fair value of Blue Spruce's portfolio of FV-OCI investments decreased to $ 47,880. No FV-OCl investments were sold in the year. On December 31, 2020, equipment with an original cost of $ 30,400 and accumulated depreciation to date of $ 9.120 was sold for proceeds of $15.960. No equipment was purchased in the year. Dividends on common shares of $ 24,320 and $11.400 were declared in December 2019 and December 2020, respectively, The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021. Dividends paid are treated as financing activities A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year. 5. 6. 7. Adjustments to reconcile net income to net cash used by operating activities: Depreciation Expense Decrease in Accounts Payable > Purchase of Fair Value-OCI Investments s > >