67. Financial statements for Kiner Company are given below: Kiner Company Balance Sheet January 1, 2021 Assets Equities Cash $ 960,000 Accounts payable $ 456,000 Accounts receivable Buildings and equipment Accumulated depreciation- buildings and equipment Patents Cash flows from operating activities Net income 864,000 3,600,000 (1,200,000) 432,000 $4,656,000 Kiner Company Common stock Retained earnings 2,760,000 1,440,000 $4,656,000 Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents Net cash provided by operating activities Cash flows from investing activities Sale of equipment Purchase of land Purchase of buildings and equipment Net cash used by investing activities Cash flows from financing activities Payment of cash dividend Sale of common stock $(384,000) 192,000 $1,200,000 360,000 (144,000) 48,000 72,000 1,272,000 288,000 (600,000) (1,152,000) (1,464,000) (360,000) 960,000 Net cash provided by financing activities 600,000 Net increase in cash 408,000 Cash, January 1, 2021 960,000 Cash, December 31, 2021 $1,368,000 Total assets on the balance sheet at December 31, 2021 are $6,648,000. Accumulated depreciation on the equipment sold was $336,000. Capital stock (plus any additional paid-in capital) at December 31, 2021 was a. $2,400,000. b. $2,760,000. c. $1,560,000. d. $3,720,000