the income statement and comparative balance sheet were prepared as shown below. Leviathan Manufacturing Balance Sheet As at March 31 Assets Current Assets 2020 2019 Cash $250,875 $121,100 Accounts Receivable $231,900 $259,800 Merchandise Inventory Prepaid Expenses $514,700 $460,800 Total Current Assets Long-Term Assets $23,400 $23,400 $1,020,875 $865,100 Land $20,100 Equipment $352,300 $352,300 Less: Accumulated Depreciation $-105,300 $-94,200 Total Long-Term Assets $247,000 $278,200 Total Assets Liabilities $1,267,875 $1,143,300 Current Liabilities Accounts Payable $307,400 $325,200 Notes Payable, Current Portion $36,700 $19,000 Total Current Liabilities $344,100 $344,200 Notes Payable, Long-Term Portion $207,400 $194,900 Total Liabilities $551,500 $539,100 Shareholders' Equity Common Shares $283,000 $259,000 Retained Earnings $433,375 $345,200 Total Shareholders' Equity $716,375 $604,200 Total Liabilities and Equity $1,267,875 $1,143,300