Spence Resources Inc.'s December 31 incomplete balance sheet information follows along with additional information: Accounts payable Accounts receivable, net Cash Common shares* Long-term notes payable due 2026 Inventory Plant assets, net Prepaid expenses 2022 2021 2023 $361,520 $211,300 138,500 261,820 176,616 138,060 72,820 98,734 103,340 461,000 461,000 461,000 276,000 290,000 234,000 315,200 234,000 151,400 783,000 720,000 648,600 27,400 26,760 11,440 *46,100 shares were issued and outstanding for all three years. December 31, 2022 $ 34.00 0.90 Common shares market price Annual cash dividends declared per share 2023 $36.00 1.20 Required: 1. Prepare a three-year comparative balance sheet for Spence Resources Inc. (Enter all amounts as positive values.)

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…