The comparative statement of financial position for Blossom Retailers Ltd. follows: BLOSSOM RETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 19,000 $ 10,000 Accounts receivable 50,000 41,000 Inventory 171,000 145,000 Furniture Accumulated depreciation 166,000 84,000 (52,000) (29,000 ) Total assets $ 354,000 $ 251,000 Liabilities and Shareholders' Equity Accounts payable $ 49,000 $ 39,000 Bank loan payable (current portion) 20,000 10,000 Bank loan payable (noncurrent portion) 80,000 64,000 Common shares 57,000 52,000 Retained earnings 148,000 86,000 Total liabilities and shareholders' equity $ 354,000 $ 251,000 Additional information regarding 2021: 1. Net income was $62,000. 2. Depreciation expense was $23,000. 3. Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. 4. Common shares were issued during the year and the company did not buy back any shares. 5. During the year, the company did not sell any furniture.