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QUESTION 3 (25) A comparative balance sheet for B.C. Ltd. is presented as follows: Balance Sheet 2021 2020 Assets $ $ Cash 300 490 Accounts receivable 1,070 810 Inventory 1.350 1.380 Equipment 5.150 3.190 Less: Accum. Depreciation (800) (1.000) Liabilities Accounts payable Accrued expense Bonds payable (Long-term) 810 50 1,600 570 80 770 Shareholder's Equity Common shares Retained earnings 3,590 1,020 2.590 860 Income Statement Revenues Sales 2021 S 13.330 2020 $ 11.280 Expenses and others Cost of goods sold Other expenses Depreciation expense Loss on sale of old equipment 9.620 1.950 180 350 8.550 1.820 160 0 Net income 1,230 950 During 2021, the company sold some of their old equipment. $3,200 of new equipment items were acquired issuing common shares of $600, and the balance paid with cash