The comparative statement of financial position of Sheffield Inc. as at June 30, 2020, and a statement of comprehensive income for the 2020 fiscal year follow: SHEFFIELD INC. Statement of Financial Position June 30, 2020 June 30 Assets 2020 2019 Cash $ 20,000 $ 39,000 Accounts receivable 86,400 70,400 Inventory 103,300 101,200 Prepaid expenses FV-OCI investments Equipment Accumulated depreciation-equipment 2,600 6,000 47,900 44,300 180,000 158,500 (35,900) (24,900 ) Total $ 404,300 $ 394,500 Liabilities and Shareholders' Equity Accounts payable Income tax payable Dividends payable Long-term notes payable Common shares Retained earnings Accumulated other comprehensive income Total SHEFFIELD INC. Statement of Comprehensive Income For the Year Ended June 30, 2020 Net sales $330,000 Cost of goods sold 164,000 Gross profit 166,000 Operating expenses 123,500 Income from operations 42,500 Interest expense 9,000 Income before income tax 33,500 Income tax 5,600 Net income 27,900 Other comprehensive income Unrealized gain or loss-OCI 3,600 Comprehensive income $31,500 $ 120,000 $ 98,500 1,500 4,000 5,600 0 84,300 122,000 30,400 22,900 149,700 137,900 12,800 9,200 $ 404,300 $ 394,500 Additional information: 1. Sheffield follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. 2. Operating expenses include $11,000 in depreciation expense. 3. There were no disposals of equipment during the year. 4. Common shares were issued for cash. 5. During the year, Sheffield acquired $8,000 of equipment in exchange for long-term notes payable. During the year, equipment with a cost of $ Cash paid during the year for interest $ Cash paid during the year for taxes $ was purchased in exchange for a note payable