You are provided with the following statements for Souad Company for the years ended December 31, 2020 and

December 31, 2019 follow:

Souad Company Comparative Balance Sheet As at December 31, 2020 2020 2019 ASSETS Cash $36,000 $ 50,000 Accounts receivables 90,000 50,000 Inventories 200,000 120,000 Land 220,000 120,000 Plant and Equipment, net 740,000 320,000 $1286,000 $660,000 LIABILITIES Accounts payable $202,000 $ 22,000 Salary payables 4,000 8,000 Bonds payable, 12% 300,000 0 Long-term note payable 140,000 200,000 646,000 230,000 SHAREHOLDERS EQUITY Common shares 380,000 200,000 Retained earnings 260,000 230,000 640,000 430,000 $1,286,000 $660,800