Unit 3 Assignment (5%) The following accounts and account balances are taken from the records of Lance Corporation. on December 31, 2022. Account 2022 2021 Accounts payable $ 10,000 $5,000 Accounts receivable 15,000 8,000 Notes receivable Bank loan 14,000 3,000 500 6,000 Building 125,000 80,000 Cash 20,000. 11,000 Dividends 6,000 2,000 Equipment 35,000 10,000 Income taxes payable 3,000 2,500 Land 5,000 5,000 Merchandize inventory 19,000 24,500 Mortgage payable 18,000 20,000 Prepaid insurance 1,000 1,000 Share capital 48,000 48,000 Retained earnings, start of year 500 ? ? Net income Other information: a. $4,000 of the notes receivable on December 31, 2022, will be received in cash during 2023. All of the notes receivable on December 31, 2021, were received in cash during 2022. b. $500 of the bank loan and $3,000 of the mortgage payable must be repaid by December 31, 2023. Required: