A comparative balance sheet for Flounder Corporation is presented as follows. December 31 Assets Cash Accounts receivable Inventory 2020 2019 $72,870 $22,000 83,730 67,860 181,730 190,860 Land 72,730 111,860 Equipment 261,730 201,860 Accumulated Depreciation-Equipment (70,730) (43,860) Total $602,060 $550,580 Liabilities and Stockholders' Equity Accounts payable $35,730 $48,860 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 202,330 137,720 Total $602,060 $550,580 Additional information: 1. 2. Net income for 2020 was $128,460. No gains or losses were recorded in 2020. Cash dividends of $63,850 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock.