The following information comes from the accounting records of Cullumber Ltd. for the first three years of its existence: 2022 2023 2024 Statement of Financial Position Assets Cash $28,000 $24,800 $40,500 Accounts receivable 80,500 72,900 171,600 Inventory 131,500 161,000 277,200 Capital assets (net) 517,000 540,000 621,200 Other assets 278,900 252,000 307,500 $1,035,900 $1,050,700 $1,418,000 Liabilities and equity Accounts payable $120,000 $87,000 $145,500 Long-term debt 240,500 293,200 604,000 Common shares 630,500 630,500 630,500 Retained earnings 44.900 40,000 38,000 $1,035,900 $1,050,700 $1,418,000 Statement of Earnings Sales $501.500 $579,500 $801,500 Cost of goods sold (290.870) (411,445) (537.005) Other expenses (87,000) (129,500) (200.000) 123.630 38.555 64.495 Income tax (28,682) 11138) (16.124) Net income $94.948 $27.417 $48,371