Below you find the comparative statements of financial position for the company Cloudy Ltd. Note that the table shows values for 2020 first! 2020 2021 Assets Land Equipment Accumulated depreciation - equipment Prepaid expenses Inventory Accounts receivable Cash € 90 000 € 200 000 -€ 35 000 € 4 000 € 180 000 € 70 000 € 36 000 € 85 000 € 195 000 -€ 50 000 € 7 000 € 170 000 € 90 000 € 68 000 Total € 545 000 € 565 000 Equity and Liabilities Share capital - ordinary (EUR 1 par) Retained earnings Bonds payable Accounts payable Total € 180 000 € 160 000 € 150 000 € 55 000 € 216 000 € 229 000 € 70 000 € 50 000 € 565 000 € 545 000 Additional information: 1. Net income for 2021 was €119,000. 2. New equipment was purchased for €10,000. In addition, old equipment which cost €15,000 and had accumulated depreciation of €12,500 was sold for €7,000.

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