The bookkeeper for Blue Spruce Corp. has prepared the following statement of financial position as at July 31, 2023: Blue Spruce Corp. Statement of Financial Position As at July 31, 2023 Cash $72,000 Notes and accounts payable $55,000 Accounts receivable (net) 45,600 Long-term liabilities 76,000 Inventory 76,000 Shareholders' equity 300,600 Equipment (net) 212,000 Patents (net) 26,000 $431,600 $431,600 The following additional information is provided: 1. Cash includes $2,100 in a petty cash fund and $29,000 in a bond sinking fund. 2. 3. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances $59,000; (b) accounts receivable credit balances $9,200; and (c) allowance for expected credit losses $4,200. Inventory costing $6,000 was shipped out on consignment on July 31, 2023. The ending inventory balance does not include the consigned goods. Receivables of $6,000 were recognized on these consigned goods. 4. 5. Equipment had a cost of $243,000 and an accumulated depreciation balance of $31,000. Income tax payable of $10,800 was accrued on July 31. Blue Spruce, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the income tax payable account. Long-term liabilities are bonds payable issued at par, due in 2028. 6. 7. Shareholders' equity is made up of two account balances: Common Shares of $200,400 and Retained Earnings of $100.200.