The comparative, unclassified statement of financial position for Pharoah Ltd. shows the following balances at December 31: Pharoah Ltd. Statement of Financial Position December 31 2018 $17.000 2017 Assets Cash Accounts receivable Inventory Land Buildings Accumulated depreciation-buildings 59,000) Equipment Accumulated depreciation-equipment 6,000) Total assets Liabilities and Shareholders'Equity Bank overdraft Accounts payable Income tax payable Interest payable Dividends payable Bank loan payable-current portion Bank loan payable-non-current portion 387.000 Common shares Retained earnings Total liabilities and shareholders' equity $706,000 $0 17000 32,000 0,000 52,000 107,000 115.000 522,000 266,000 95,000) 43.000 (8,000) $706.000 405,000 78,000 $0 11,000 $47,000$29,000 2,000 5,000 1,000 21,000 17,000 223,000 190,000 8,00 34,000 $405,000 3,000 4.000 3,000 51,000 Additional information regarding 2018 1. Net income was $ 54,000. 2. A gain of S 8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. A gain on the disposal of $36,000 was recorded when an old building was sold for $53,000 cash. A new building was purchased for $ 361,000 and depreciation expense on buildings for the year was $ 52,000. 4. Equipment costing $ 60,000 was purchased while a loss of $ 4,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $16,000. 5. The company took out $ 215,000 of new bank loans during the year 6. Dividends were declared and paid and no common shares were bought back by the company