A comparative balance sheet of livers inc. for december 31, 20Y3 and 20Y2 as it follows:

Calculator Dec 31, 2093 Dec 31, 20Y2 Assets Cash $155,000.00 $150,000.00 450.000.00 400,000.00 Accounts receivable (net) Inventories 770,000.00 750,000.00 Investments 0.00 100,000.00 Land 0.00 Equipment 1.200,000.00 500,000.00 1.400,000.00 (600,000.00) $2.675,000.00 Accumulated depreciation-equipment (500,000.00) $2.100,000.00 10 Total assets $340,000.00 $300,000.00 50,000.00 Liabilities and Stockholders' Equity 12 Accounts payable (merchandise creditors) 15 Accrued expenses payable (operating expenses) 14 Dividends payable 15. Common stock, 54 par 16 Paid-in capital in excess of par- common stock 25.000.00 600,000.00 45,000.00 30.000.00 T00,000.00 200,000.00 1.360.000,00 $,675000.00 11 Retained earnings 175.000.00 950,000.00 $2.100,000.00 19 Total abilities and stockholders equity ok My Work Sales $3,000,000.00 (1.400,000.00) $1,600,000.00 2 Cost of goods sold 3 Gross profit Operating expenses: Depreciation expense $100,000.00 950,000.00 Other operating expenses Total operating expenses Operating income (1,050,000.00) $550,000.00 Other income: 10 Gain on sale of investments 75,000.00 11. Income before income tax Income tax expense $625,000.00 (125,000.00 $500,000.00 15 Netcome Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: a. The investments were sold for $175,000 cash. b. Equipment and land were acquired for cash. C. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $90,000 debit to Retained Earnings for cash dividends declared