Titiki Ltd. had the following comparative statement of financial position: Titiki Ltd. Comparative Statement of Financial Position As at December 31 20232022 Cash$ 20,500$ 12,500 Accounts receivable34,00025,500 Inventory20,00030,000 Prepaid insurance2,5002,000 Equipment102,00090,000 Accumulated depreciationequipment(22,500)(12,500) Total assets$156,500$147,500 Accounts payable$ 23,000$ 20,000 Salaries and wages payable4,0002,000 Interest payable2,0003,000 Income tax payable4,0005,000 Bank loans30,00034,500 Common shares65,00065,000 Retained earnings 28,500 18,000 Total liabilities and shareholders equity$156,500$147,500 Additional information: Net income for the fiscal year was $13,500. Equip