Current Attempt in Progress Presented below is the comparative balance sheet for Suncand inc, a private company reporting under ASPE, at December 31, 2021 and 2020 SUNLAND INC Balance Sheet December 31 Assets 2021 Cash $54.300 Accounts receivable 101000 Inventory 205,000 Long-term investment 101.500 Property, plant, andes equipment $35,000 Less Accumulated depreciation (162.500 $814,300 Liabilities and Shareholders' Equity Accounts payable $57.500 Dividends payable 6.000 Income tax payable 14,000 Long-term notes payable 25.000 Common shares 630,000 Retained earning 101 800 $234,00 2020 599,000 75.000 155.500 0 460.000 (140,000 5648,500 347.000 0 15.000 0 525.000 61,500 5648.500 5650,300 432000 216 300 SUNLAND INC Income Statement Year Ended December 31, 2021 Sales Cost of toods sold Gross pront Operating expenses 5147.500 Loss on sale of equipment 3,000 Profit from operations Interest expense 3,000 Interest revenue 14.500) Profit before income tax income tax expense Prot 150.500 67.500 11500 69 300 14.000 355,300 Additional information 1 Cash dividends of $15,000 were declared 2 Alont-term investment acquired for cash at a cost of 5101,500 Depreciation expenses included in the operating centes 4 The commissd 10 500 common shares for cash on March 2: 2021. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment 5 Comment that originally cont $30,000 was sold cure the year for at the equipmenthada corrieved 39.000 at 0 The company issued antrate for $20.000 in 2000 varend 7 Alpurchases of inventory weon credit Accounts Payables and only to record purchases of inventory SUNLAND INC. Cash Flow Statement - Direct Method $ > ) $ A $