The financial statements of Wetaskiwin Ltd., a private company reporting under ASPE, follow: WETASKIWIN LTD. Balance Sheet December 31 Assets 2021 2020 Cash $9,000 $10,000 Short-term notes receivable 14,000 23,000 Accounts receivable 28,000 14,000 Inventory 29,000 25,000 Property, plant, and equipment 73,000 78,000 Accumulated depreciation (30,000) (24,000) Total assets $123,000 $126,000 Liabilities and Shareholders' Equity Accounts payable $25,000 $43,000 Income tax payable 3,000 20,000 Notes payable 15,000 10,000 Common shares 25,000 25,000 Retained earnings 55,000 28,000 Total liabilities and shareholders' equity $123,000 $126,000 WETASKIWIN LTD. Income Statement