A comparative balance sheet for Shamrock Corporation is presented as follows. December 31 Assets Cash Accounts receivable 2020 2019 $72,680 $22,000 84,360 68,680 Inventory Land 182,360 191,680 73,360 112,680 Equipment 262,360 202,680 Accumulated Depreciation-Equipment (71,360 ) (44,680 ) Total $603,760 $553,040 Liabilities and Stockholders' Equity Accounts payable $36,360 $49,680 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 203,400 139,360 Total $603,760 $553,040 Additional information: 1. 2. Net income for 2020 was $129,720. No gains or losses were recorded in 2020. Cash dividends of $65,680 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock.