Question: The comparative balance sheet for Ivanhoe Adventures Ltd., a private company reporting under ASPE, follows: IVANHOE ADVENTURES LTD. Balance Sheet December 31 Assets 2021

The comparative balance sheet for Ivanhoe Adventures Ltd., a private company reporting under ASPE, follows: IVANHOE ADVENTURES LTD. Balance Sheet December 31 Assets 2021 2020 Cash $19,350 $5,670 Accounts receivable 34.200 38.250 Inventory 72,000 77,400 Prepaid expenses 5,400 2.250 Land 22,500 33,750 Equipment 121,500 85.500 Accumulated depreciation (40,500 ) (18,000 ) Total assets $234,450 $224,820

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