The comparative unclassified statement of financial position for Ivanhoe Ltd. follows: IVANHOELTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $52,000 $28,000 Accounts receivable 89,000 70,000 Inventory 174,000 188,000 Estimated inventory returns 7,000 3,000 Long-term investments 79,000 120,000 Equipment 260,000 174,000 Accumulated depreciation (75,000 ) (30,000 ) Total assets $586,000 $553,000 Liabilities and Shareholders' Equity Accounts payable Refund liability $28,000 $40,000 6,000 4,000 Rank loan navable (noncurrent) 128.000 206.000 Bank loan payable (noncurrent) 138,000 206,000 Common shares 207,000 170,000 Retained earnings 207,000 133,000 Total liabilities and shareholders' equity $586,000 $553,000 Additional information pertaining to 2021: 1. Net income was $124,100. 2. Sales were $996,000. 3. Cost of goods sold was $754,000. 4. Operating expenses were $41,000, exclusive of depreciation expense. 5. Depreciation expense was $45,000. 6. Interest expense was $13,000. 7. Income tax expense was $24,000. 8. Long-term investments were sold at a gain of $5,100. 9. No equipment was sold during the year. 10. $68,000 of the bank loan was repaid during the year. 11. Common shares were issued for $37,000. Cash, January 1 IVANHOE LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2021 Decrease in refund liability Adjustments to reconcile net income to Cash, January 1 LA SA > > A > SA > > > > >