2020 depending on how Conrad "spent" those earnings as described in the scenarios that appear below. 1. Conrad paid no dividends during the year and invested the funds in marketable securities. . Conrad paid dividends totaling $504,000 and used the balance of the net income to retire (pay off) long-term debt. Conrad paid dividends totaling $504,000 and invested the balance of the net income in building a new hangar. . Conrad paid out all $1,358,000 as dividends to its stockholders. \begin{tabular}{lr} \hline Assets & \\ Cash & $124,000 \\ Marketable securities & 32,000 \\ Accounts receivable & 50,000 \\ Inventories & 127,000 \\ Current assets & $333,000 \\ \cline { 2 - 3 } Equipment & $2,973,000 \\ Buildings & 1,592,000 \\ Fixed assets & $4,565,000 \\ Total assets & $4,898,000 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Accounts payable Short-term notes Current liabilities Long-term debt Total liabilities Common stock Retained earnings Stockholders' equity Total liabilities and equity $74,00056,000$130,000$2,697,000$2,827,000$499,0001,572,000$2,071,000$4,898,000