The bookkeeper for Concord Corp. has prepared the following statement of financial position as at July 31, 2017: CONCORD CORP. Statement of Financial Position As at July 31, 2017 Cash $78,000 Accounts payable $63,000 Accounts receivable (net) 58,400 Long-term liabilities 78,000 Inventory 62,000 Shareholders' equity 267,400 Equipment (net) 181,000 Patents 29,000 $408,400 $408,400 The following additional information is provided: 1. Cash includes $2