BuffaloCompany had the following information available at the end of 2020.

BUFFALOCOMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31.. 2020 AND 2019 2020 2019 Cash $10,090 $3,960 Accounts receivable 20,420 12,880 Shortterm investments 21,900 30,120 Inventory 41,880 35,100 Prepaid rent 3,010 12,090 Prepaid insurance 2,080 90 Supplies 1,010 7'5 Land 123,790 175,990 Buildings 352,890 352,890 Accumulated depreciationbuildings {105,450} (87,170 } Equipment 523,690 398,650 Accumulated depreciationequipment (130,800) [112,550 l Patents 44,830 49,530 Total assets $909,340 $871,655 Accounts payable $21,890 $32,080 Income taxes payable 5,020 3,990 Salaries and wages payable 5,000 3,030 Shortterm notes payable 10,100 10,100 Long-term notes payable 60,090 70,350 Bonds payable 402,480 402,480 Premium on bonds payable 13,780 23,185 Common stock 241,670 219,820 Paidin capital in excess of parcommon stock 25,220 17,450 Retained earnings 124,090 89,170 Total liabilities and stockholders' equity $909,340 $871,655 BUFFALO COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,169,440 Cost of goods sold 745,640 423,800 Gross margin Operating expenses Selling expenses $79,900 Administrative expenses 157,280 Depreciation/Amortization expense 41,230 Total operating expenses 278,410 Income from operations 145,390 Other revenues/expenses Gain on sale of land 7,990 Gain on sale of short-term investment 4,000 Dividend revenue 2,400 Interest expense (52,070 ) (37,680 ) Income before taxes 107,710 Income tax expense 39,690 Net income 68,020 Dividends to common stockholders (33,100 ) To retained earnings $34,920Reconciliation Schedule Reconciliation of Net Income to Adjustments to reconcile net income to