Wildhorse Ltd., which follows ASPE had the following comparative statement of financial position: Wildhorse Ltd. Comparative Statement of Financial Position December 31 Assets 2024 2023 Cash $77,080 $47,000 Accounts receivable 127,840 95,880 Inventory 75,200 112,800 Prepaid insurance 9,400 7,520 Equipment 289,520 244,400 Accumulated depreciation-equipment (65,800) (47,000) Patents 75,200 94,000 Total assets $588,440 $554,600 Liabilities and Shareholders' Equity Accounts payable $86,480 $75,200 Interest payable 7,520 11.280 Salaries and wages payable 15,040 7,520 Income taxes payable 15,040 18,800 Long-term note payable 112,800 129,720 Common shares 244,400 244,400 Retained earnings 107,160 67,680 Total liabilities and shareholders' equity $588,440 $554,600 Additional information: Net income for the fiscal year was $50,760. Equipment that cost $37,600 and was 70% depreciated was sold during 2024, for a gain of $3,760. No patents were purchased or sold during the fiscal year.