Ayayai Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) Land Buildings $236,040 Current liabilities $151,040 31,040 Bonds payable 101,040 121,040 Common stock 181,040 Equipment 91,040 Retained earnings 45,040 Accum. depr.-buildings (31,040 ) Total $478,160 Accum. depr.-equipment (11,000 ) Patents 41,040 Total $478,160 The following information is available for 2020. 1. Net income was $55,040. 2. 3. 4. 5. Equipment (cost $21,040 and accumulated depreciation $9,040) was sold for $11,040. Depreciation expense was $5,040 on the building and $10,040 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,040. An addition to the building was completed at a cost of $28,040. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,040 were issued. 6. 7. 8. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.