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Asha Inc.'s financial statements for its year ended December 31, 20X8, follow: Asha Inc. Statement of financial position as at December 31, 20X8 20X8 20X7 Assets Cash and cash equivalent $94,000 $123,000 Accounts receivable (net) 114,000 11 1,500 FVOCI investments 15,000 12,000 Inventory 69,000 73,800 Prepaid expenses 15,000 11,700 Property, plant, and equipment (PPE), net 622,000 425,000 Trademark 48,000 63,000 $977.000 $820.000 Liabilities and shareholder equity Accounts payable $62, 100 $57,500 Income taxes payable 21,100 19,000 Dividends payable 15,000 Bank loan 18,000 295,300 215,600 Bonds payable 210,000 212,000 $603,500 $522, 100 Common shares $128,000 $121,000 Preferred shares 125,000 100.000 Accumulated other comprehensive income 17.000 18,000 Retained earnings 103.500 58.900 $373.500 $297.900 $977 000 $820 000Asha Inc. Statement of comprehensive income Year ended December 31, 20X8 Profit or loss Sales revenue $1,250,00 0 Cost of goods sold 522,000 Gross profit 728,000 Operating expenses $322,000 Interest expense 30,400 Depreciation expense 120,000 Impairment loss - trademark 18,000 Gain on disposal of equipment (5,000) $485,400 Profit or loss before tax 242,600 Income tax expense 92,300 Net income $150,300 Other comprehensive income Holding loss on investment at FVOCI Other comprehensive income (1,000) (1.000 Comprehensive income $149.300