The following information comes from the accounting records of Blossom Ltd. for the first three years of its existence: 2022 2023 2024 Statement of Financial Position Assets Cash $26,500 $23,800 $40,000 Accounts receivable 80,500 72,400 169,600 Inventory 131,500 159,500 276,700 Capital assets (net) 515,500 539,500 618,700 Other assets 277,900 250,000 305,500 $1,031,900 $1,045,200 $1,410,500 Liabilities and equity Accounts payable $119,500 $84,500 $143,500 Long-term debt 239,500 292,200 603,500 Common shares 629,500 629,500 629,500 Retained earnings 43,400 39,000 34,000 $1,031,900 $1,045,200 $1,410,500 Statement of Earnings Sales $499,500 $574,500 $799,500 Cost of goods sold (284,715) (396,405) (527,670) Other expenses (84,500) (129,500) (199,500) 130,285 48,595 72,330 Income tax (30,226) (14,038) (18,083) Net income $100,059 $34,557 $54,247