The Seaside Corporation provides moving services to local clients. Seaside reported the following data for 2014: SEASIDE CORPORATION Statement of Financial Position As at December 31, 2014 Assets Cash 2014 $88,600 2013 $49,100 Accounts receivable 85,000 59,400 Prepaid insurance 70,000 60,000 Total current assets 243,600 168,500 Property, equipment and vehicles 360,000 305,000 Accumulated depreciation -110,400 -105,900 Total non-current assets 249,600 199,100 $493,200 $367,600 Total Assets Liabilities and Shareholders' Equity Accounts payable Wages Payable Total current liabilities Bank loan payable $21,500 $18,600 3,000 4,000 24,500 22,600 50,000 60,000 Total liabilities Common Shares Retained Earnings Total Shareholders' Equity 74,500 82,600 200,000 200,000 218,700 85,000 418,700 285,000 Total Liabilities & Shareholders' Equity $493,200 $367,600 SEASIDE CORPORATION Income Statement For the Year Ended December 31, 2014 Moving revenue $450,000 Gain on Sale of Vehicle Total revenues 5,000 $455,000 Expenses: Depreciation expense 59,500 Wage expense 134,000 Vehicle maintenance expense 102,400 Interest expense 5,400 301,300