A comparative balance sheet for Orozco Corporation is presented below.

		December 31
Assets		2012			2011
Cash		$62,324			$22,000
Accounts receivable		84,986			69,662
Inventory		182,986			192,662
Land		73,986			113,662
Equipment		267,014			196,338
Accumulated depreciationequipment		(71,986	)		(45,662	)
Total		$599,310			$548,662
Liabilities and Stockholders' Equity
Accounts payable		$36,986			$50,662
Bonds payable		150,000			200,000
Common stock ($1 par)		214,000			164,000
Retained earnings		198,324			134,000
Total		$599,310			$548,662

Additional information:

1.		Net income for 2012 was $110,972.
2.		Cash dividends of $46,648 were declared and paid.
3.		Bonds payable amounting to $50,000 were retired through issuance of common stock.