The following are comparative balance sheets for the Paulino Corporation for 2000 and 1999 and the income statement for the year ended December 31, 2000:

Paulino Corporation Comparative Balance Sheets December 31 2000 1999 Assets Cash $ 89,000 $ 60,000 Accounts receivable 65,000 50,000 Inventory 200,000 90,000 Land 100,000 225,000 Equipment, net 371,000 380,000

$825,000 $805,000 Liabilities and Shareholders’ Equity Accounts payable 54,000 32,000 Dividends payable 15,000 0 Interest payable 6,000 8,000 Mortgage payable 130,000 305,000 Invested capital280,000 280,000 Retained earnings 340,000 180,000

$825,000 $805,