Exercise 13-8 Your answer is partially correct. Try again. The comparative statement of rinancial position ror Charmaine Retailers Ltd. follows: CHARMAINFRFTAILFRS LTD Statement of Financial Position December 31 Assets 2015 2014 Cash 18,360 9,180 Accounts receivable 51,000 42,840 Merchandise inventory 171,360 145,860 166,260 81,600 Furniture Accumulated depreciation 5,900 24,480 $361.080 $255.000 Total assets Liabilities and Shareholders' Equity Accounts payable 45,900 35,700 Bank loan payable noncurrent 105,060 77,520 61,200 56,100 Common shares Retained earnings 148,920 85 680 Total liabilities and shareholders' equity $361.080 255 000 Additional information: 1. Profit was $63,240 in 2015. 2. Depreciation expense was $21,420 in 2015. 3. Payments made to the bank pertaining to the bank loan were $10,200 in 2015. Some new loans were obtained that year. 4. Common shares were issued in 2015 and no shares have been bought back by the company 5. In 2015, no furniture was sold