A1 PICTURE PERFECT COMPARATIVE BALANCE SHEETS DECEMBER 31 Increase ASSEIS 6 Cash 140,000$30,000 110,000 Accounts receivable 9,000 90,000 ($11,000) Inventory 9 Prepald Insurance 0 Land 0,000 110,000($20,000)0 16,000 4,000 10,000 10,000410,000 105,000) (100,000) 80,000 $764,000 Land costing 5100,000 sold for $90,000 Building purchased for cash 130,000 11 Building 2 Accumulated Depreciation 13 Total Assets s Liabilities & owners' tquity Accounts payable T Income tax payable $30,000 35,000 2,600 50,000 1s Notes payable, long term 1s Bonds payable 60,000 130,00010,000 460,000410,000 Payment of $10,000 made Bonds Issed@par in exchange for land 550,000 Par valuer stock issued $00,000 Paid-in capital 22 Retained earnings , $50,000 par vabo sexk issued @ 500,000 &O Dividends of $15,000 declared& paid 59,000 $860,000$704,000 87,400 Total Lisbilities& Owners' Equity INCOME STATEMENT