Bonita Inc. had the following balance sheet at December 31, 2019. BONITA INC. BALANCE SHEET DECEMBER 31, 2019 Cash $23,660 Accounts payable $33,660 Accounts receivable 24.860 Notes payable (long-term) 44,660 Investments 35,660 Common stock 103,660 Plant assets (net) 81,000 Retained earnings Land 43.660 26.860 $208,840 $208,840 During 2020, the following occurred. 1. Bonita Inc. sold part of its debt investment portfolio for $17.179. This transaction resulted in a gain of $5,579 for the firm. The company classifies these investments as available-for-sale. 23 A tract of land was purchased for $16,660 cash. Long-term notes payable in the amount of $18,179 were retired before maturity by paying $18,179 cash. An additional $22,179 in common stock was issued at par. Dividends of $10,379 were declared and paid to stockholders. 3. 4. 5. 6. Net income for 2020 was $35,660 after allowing for depreciation of $13,179. 7. 8. Land was purchased through the issuance of $38.660 in bonds. At December 31, 2020, Cash was $40,660, Accounts Receivable was $45,260, and Accounts Payable remained at $33,660.