Here are comparative balance sheets for Sharp Company.
Sharp Company
Comparative Balance Sheets
December 31
Assets 2012 2011
Cash $72,961 $22,409
Accounts receivable 86,139 76,398
Inventories 170,386 188,715
Land 75,260 101,000
Equipment 259,990 200,170
Accum deprec—Equip (66,053) (32,436)
Total $598,683 $556,256
Liabilities and Stockholder’s Equity
Accounts payable $39,209 $46,951
Bonds payable 151,550 203,890
Common stock ($1 par) 216,060 175,180
Retained earnings 191,864 130,235
Total $598,683 $556,256
Additional information:
1. Net income for 2012 was $101,700.
2. Cash dividends of $40,071 were declared and paid.
3. Bonds payable amounting to $52,340 were redeemed for cash $52,340.
4. Common stock was issued for $40,880 cash.
5. No equipment was sold during 2012 but land was sold at cost.
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