Comparative balance sheets as at 31 December 2011 and 2012 for Chartowers Ltd are shown below.
Sales for 2012 were $180 000, and net income after tax was $16 350. Cost of sales was $136 456. Dividends of $6000 were declared and paid during the year. Interest earned and received was $2340, and interest incurred and paid was $1654. Tax expense for the period was $3000 and this was paid in the period. Other expenses (including depreciation) were $24 880. Property, plant and equipment were purchased for cash.