The comparative statement of financial position for Sheridan Retailers Ltd. follows: SHERIDANRETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 21,000 Accounts receivable 72,000 47,000 Inventory 218,000 171,000 Furniture 134,000 164,000 Accumulated depreciation (35,000) (45,000 ) Total assets $ 389,000 $ 358,000 Liabilities and Shareholders' Equity Bank overdraft $ 5,000 $ 0 Accounts payable 65,000 48,000 Bank loan payable (noncurrent) 90,000 105,000 Common shares 49,000 59,000 Retained earnings 180,000 146,000 Total liabilities and shareholders' equity $ 389,000 $ 358,000 Additional information regarding 2021: 1 Net income was $39,000. 2. Depreciation expense was $16,000. 3. During the year, the company did not receive any new bank loans. 4. 5. During the year, the company did not purchase furniture but did sell some furniture for $6,000, which resulted in a gain on disposal of $2,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. 6. During the year, the company paid all dividends declared.