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Saved The accounting records of Laurent Company provided the following data: Statement of Comprehensive Income For year ended 31 December 20x8 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income $ 952,200 (571,200) (13,600) (203, 200) $164,200 Statement of Financial Position At 31 December 20x8 20x7 Debits Cash $106,000 $ Accounts receivable 55,500 58,600 Inventory 77,100 61,600 Investment, long term 9,200 Capital assets 286,800 184,000 Total debits $525, 400 $313,400 Credits Bank overdraft $ 15,400 Accumulated depreciation 44,400 30,800 Accounts payable 38,100 18,400 Short-term bank loan 12,700 9,200 Notes payable, long term 110,600 61,400 Common shares 245,800 159, 100 Retained earnings 73,800 19, 100 Total credits $525,400 $313,400 Other information: Daida 024.600 langterm note pavable by issuing common shares. 55,500 58,500 77,100 61,600 9,200 286,800 184,000 $525,460 $313,400 ble Inventory Investment, long term Capital assets Total debits Credits Bank overdraft Accumulated depreciation Accounts payable Short-term bank loan Notes payable, long tern Common shares Retained earnings Total credits $ $ 15,400 44.400 30,800 38,100 18.400 12.700 9,200 110.600 61,400 245,800 159,100 23,500 19,100 $525,420 $313,420 Other informations a. Paid a $24.600 long-term note payable by Issuing common shares b. Purchased capital assets that cost $102.800; gave a $13.800 long term note payable and paid $29.000 cash

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