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Alexander Company Comparative Balance Sheets December 31, 2013 and December 13, 2014 Assets 2013 2014 Difference Cash 40,000 334,000 294,000 Accounts Receivable 255,000 215,000 (40,000) Inventory 430,000 350,000 (80,000) Prepaid Expenses 2,000 1,200 (800) Plant Property & Equipment 1, 104,000 1,256,000 152,000 Accumulated Depr - Equipment (280,000) (366,000) (86,000) Total Assets 1,551,000 1,790,200 239,200 Liabilities & Stockholder's Equity Accounts Payable 74,000 118,000 44,000 Notes Payable (Current) 160,000 60,000 (100,000) Accrued Liabilities 51,000 67,000 16,000 Mortgage Payable 560,000 720,000 160,000 Common Stock $10 par value 400,000 400,000 Retained Earnings 306,000 425,200 119,200 Total Liabilities & S/E 1,551,000 1,790,200 239,200 Additional information: 1. Net income $239,200 V 2. Depreciation expense $ 120,000 3. Sold equipment that cost $48,000 with accumulated depreciation of $34,000 at a loss of $8,000 4. Land and building purchased with a mortgage $200,000 5. Paid on the mortgage $40,000 6. Paid dividends $120,000 7. Repaid a note in the amount of $160,000 8. Issued a note payable $60,000