Accounts payable Condensed financial data of Drake Company appear below: STATEMENT OF CASH FLOWS Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total DRAKE COMPANY Comparative Balance Sheet December 31 Assets 2021 2020 $ 61,500 $ 52,500 +9000 112,500 79,500 +33000 180,000 198,000 -18,000 28,500 37,500-9000 150,000 112,500 +37,500 487,500 (97,500) 375,000+112,50 O (90,000)+7500 $922,500 $765,000 Liabilities and Stockholders' Equity Accrued expenses payable $ 139,500 43,500 Bonds payable common stock 180,000 $ 112,500+ 2700 D 36,000 7500 240,000 -69000 Retained earnings Total Additional information: 1. 2. 3. 412,500 255,000 57500 147,000 121,500+25 500 $922,500 $765,000 4. New plant assets costing $150,000 were purchased for cash in 2021. Old plant assets costing $37,500 were sold for $15,000 cash when the accumulated depreciation account balance was $18,000. The book value of the plant assets was $19,500. Bonds with a face value of $60,000 were converted into $60,000 of common stock. (noncash) The additional shares of common were issued for cash. A cash dividend of $22,500 was declared and paid during the year. Net income is $48,000. Depreciation expense is $25,500. But sure to address ALL changes you have identified on the comparative balance sheet above. 15000