A comparative balance sheet for Grouper Corporation is presented as follows. December 31 Assets 2020 2019 Cash $72,830 $22,000 Accounts receivable 84,220 68,390 Inventory 182,220 191,390 Land 73,220 112,390 Equipment 262,220 202,390 Accumulated Depreciation-Equipment (71,220) (44,390 ) Total $603,490 $552,170 Liabilities and Stockholders' Equity Accounts payable $36,220 $49,390 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 203,270 138,780 Total $603,490 $552,170 Additional information: Net income for 2020 was $129,440. No gains or losses were recorded in 2020. 1. 2. Cash dividends of $64,950 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock.