Williams Limited Comparative Statement of Financial Position as at 3|] June & Assets Cash 5 95,000 Accounts receivable (net) 86,300 Inventory 12] ,900 Investments (long-term) 84,600 Property, plant and equipment 250,000 Accumulated depreciation m Total assets 1183,3110 Liabilities and Shareholders' Equity Accounts payable 3 52,700 Accrued operating expenses 12, l 00 Notes payable (long-tenn) 100,000 Share capital 250,000 Retained earnings 433,000 Total liabilities and shareholders' equity W Williams Limited Statement of Profit or Loss for the year ended 30 June 2020 Sales Gain on sale of equipment Lees: Cost ofsales 5 99,460 Operating expenses 64,370 Income tax expense 2,270 Interest expense M Net pm [it after tax The following additional information was provided: (a) All sales and purchases of inventories were on account. (b) Accounts payable pertains to inventory creditors. (c) Additional equipment was purchased for cash during the year. (d) Investments were sold for cash at cost. {e} Equipment costing $47,000 was sold for cash with a gain of $8,750 (f) A cash dividend was declared and paid during the year. (3) Operating expenses include depreciation expense of $49,700. (11) Income tax expense and interest expense were settled in cash. (i) Additional shares were issued for cash during the year. 201 5 47,250 57,000 102,650 87,000 205.000 210.000.} 532.200 43,280 13,330 70,000 200,000 421.120 $523.20: $300,000 1.110 303.?50