3 A comparative balance sheet for Lomax Company containing data for the last two years is as follows: 268 points Assets Current assets: Skipped Cash and cash equivalents Book Pint References Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Lomax Company Comparative Balance Sheet This Year Last Year 40,000 624,000 628,400 23.600 $ 63,600 652,500 437,000 13,500 364,000 1,106,600 Net property, plant, and equipment Long-term investments Loans to subsidiaries Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued 11abilities Income taxes payable Total current liabilities Bonds payable Total Liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity, Total liabilities and stockholders' equity 2,455,000 635,400 1,819,600 115,700 137,000 $ 897,200 1,868,000 575,300 1,292,700 181,000 70,500 $2.718.600 5587,000 35,200 155.100 57,300 131,600 1,057,500 775,900 451,000 EH792H500 3P26,900 1,124,000 510,000 1,017,000 74,900 $3,436,300 1,481,000 $2,718,000 The following additional information is available about the company's activities during this year a. The company declared and paid a cash dividend this year. b. Bonds with a principal balance of $397,000 were repaid during this year c. Equipment was sold during this year for $78,500. The equipment had cost $164,000 and had $60.400 in accumulated depreciation on the date of sale. d. Long-term investments were sold during the year for $144,000. These investments had cost $65,300 when purchased several years ago. e. The subsidiaries did not repay any outstanding loans during the year. 1. Lomax did not repurchase any of its own stock during the year The company reported net income this year as follows: