Vortex Manufacturing makes and sells integrated circuit boards. At the end of 2023, the income statement and comparative balance sheet were prepared as shown below.

Vortex Manufacturing Balance Sheet As at July 31
	2023	2022
Assets
Current Assets
Cash	$449,570	$120,300
Accounts Receivable	$235,600	$261,900
Merchandise Inventory	$513,800	$463,300
Prepaid Expenses	$20,300	$20,300
Total Current Assets	$1,219,270	$865,800
Long-Term Assets
Land		$21,300
Equipment	$342,600	$342,600
Less: Accumulated Depreciation	$-101,700	$-97,200
Total Long-Term Assets	$240,900	$266,700
Total Assets	$1,460,170	$1,132,500
Liabilities
Current Liabilities
Accounts Payable	$314,100	$324,000
Notes Payable, Current Portion	$31,600	$27,300
Total Current Liabilities	$345,700	$351,300
Notes Payable, Long-Term Portion	$211,000	$186,300
Total Liabilities	$556,700	$537,600
Shareholders' Equity
Common Shares	$285,000	$244,000
Retained Earnings	$618,470	$350,900
Total Shareholders' Equity	$903,470	$594,900
Total Liabilities and Equity	$1,460,170	$1,132,500

Additional Information:
During 2023, land was sold for a loss of $6,000. There was no purchase of equipment. The company did not pay off any amount of the notes payable.

Vortex Manufacturing Income Statement For the Year Ended July 31, 2023 \begin{tabular}{|l|r|} \hline Sales & $2,961,000 \\ \hline Cost of Goods Sold & $1,776,600 \\ \hline Gross Profit & $1,184,400 \\ \hline Operating Expenses & $4,500 \\ \hline Depreciation Expense & $678,100 \\ \hline Other Operating Expenses & $682,600 \\ \hline Total Operating Expenses & $501,800 \\ \hline Income from Operations & \\ \hline Other Income and Expenses & \\ \hline Loss on Sale of Land & $6,000 \\ \hline Income before Income Tax & $495,800 \\ \hline Income Tax & $173,530 \\ \hline Net Income & $322,270 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{\begin{tabular}{l} Vortex Manufacturing \\ Income Statement \end{tabular}} \\ \hline \multicolumn{2}{|c|}{ For the Year Ended July } \\ \hline Sales & $2,961,000 \\ \hline Cost of Goods Sold & $1,776,600 \\ \hline Gross Profit & $1,184,400 \\ \hline Operating Expenses & \\ \hline Depreciation Expense & $4,500 \\ \hline Other Operating Expenses & $678,100 \\ \hline Total Operating Expenses & $682,600 \\ \hline Income from Operations & $501,800 \\ \hline Other Income and Expenses & \\ \hline Loss on Sale of Land & $6,000 \\ \hline Income before Income Tax & $495,800 \\ \hline Income Tax & $173,530 \\ \hline Net Income & $322,270 \\ \hline \end{tabular} \begin{tabular}{l} Vortex Manufacturing \\ Cash Flow Statement \\ For the Year Ended July 31, 2023 \\ \hline Cash Flow from Operating Activities \\ Net Income \\ Adjustments to Reconcile Net Income to Cash \\ Depreciation \\ Loss on Sale of Land \\ \hline Change in Operating Assets and Liabilities \\ Decrease in Accounts Receivable \\ \hline Increase in Merchandise Inventory \\ \hline Decrease in Accounts Payable \\ \hline \end{tabular} \begin{tabular}{l} Net Cash Provided (Used) by Operating Activities \\ \hline Cash Flow from Investing Activities \\ Sale of Land \\ Net Cash Provided (Used) by Investing Activities \\ \hline Cash Flow from Financing Activities \\ \hline Proceeds from Notes Payable \\ \hline Payment of Cash Dividend \\ \hline Issue of Common Shares \\ \hline Net Cash Provided (Used) by Financing Activities \\ \hline Net increase (Decrease) in Cash \\ \hline Cash at the Beginning of the Year \\ \hline Cash at the End of the Vear \\ \hline \end{tabular}