Please provide detail solution.

Additional Problem 12 Sunland Ltd., which follows ASPE, had the following comparative statement of financial position: Sunland Ltd Comparative Statement of Financial Position As at December 31 2018 2017 Assets Cash Accounts receivable 72,160 44,000 119,680 89,760 70,400 105,600 7,040 271,040 228,800 (61,600) (44,000) 70,400 88,000 550,880 $519,200 Prepaid insurance Equipment Accumulated depreciation-equipment Patents 8,800 Total assets Liabilities and Shareholders' Equity Accounts payable Interest payable Wages payable Income taxes payable Long-term note payable Common shares Retained earnings 80,960 70,400 7,040 10,560 7,040 14,080 17,600 105,600 121,440 228,800 228,800 100,320 63,360 Total liabilities and shareholders' equity $550,880 $519,200 14,080 Additional information: 1. Net income for the fiscal year was $47,520