A comparative balance sheet for Sandhill Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,890 $ 22,000 83.820 67,930 181,820 190,930 72,820 111,930 261,820 201,930 (70,820) (43,930) $602,350 $550,790 $ 35,820 150,000 214,000 202,530 $602,350 $ 48,930 200,000 164,000 137.860 $550,790 Additional information: 1. 2. 3. Net income for 2020 was $128,640. No gains or losses were recorded in 2020. Cash dividends of $63,970 were declared and paid. Bonds payable amounting to $50,000 were retired through issuance of common stock. X X we Chapter 5 - Homework 2 S NWP Assessment Player Ul Jun's X Cengage Digital Learning 2/assessment-player/index.html?launchid=0501437c-2d8d-4391-bc6e-12f685545710#/question/1 -14 E Question 2 of 3 > Issued common stock to retire $ of bonds outstanding e Textbook and Media Save for Later Attempts: 0 of 5 used Submit