CALCULATOR Lisa, Inc. has prepared the following comparative balance sheets for 2020 and 2021: Cash Accounts receivable Inventory Prepaid expenses Plant assets Accumulated depreciation Patents 2021 $ 363,780 179,310 193,500 23,220 1,670,550 (580,500) 197,370 $2,047,230 $ 197,370 77,400 2020 $ 197,370 150,930 232,200 34,830 1,354,500 (483,750) 224,460 $1,710,540 $ 216,720 54,180 580,500 Accounts payable Accrued liabilities Martgage payable Preferred stock Additional paid-in capital-preferred Common stock Retained earnings 677,250 154,800 774,000 166,410 $2,047,230 774,000 85,140 $1,710,540 1. 2. The Accumulated Depreciation account has been credited only for the depreciation expense for the period. The Retained Earnings account has been charged for dividends of $178,020 and credited for the net income for the year. The income statement for 2021 is as follows: Sales revenue $2,554,200 Cost of sales 1,404,810 Gross profit 1,149,390 Operating expenses 890,100 CALCULATOR Lisa, Inc. has prepared the following comparative balance sheets for 2020 and 2021: Cash Accounts receivable Inventory Prepaid expenses Plant assets Accumulated depreciation Patents 2021 $ 363,780 179,310 193,500 23,220 1,670,550 (580,500) 197,370 $2,047,230 $ 197,370 77,400 2020 $ 197,370 150,930 232,200 34,830 1,354,500 (483,750) 224,460 $1,710,540 $ 216,720 54,180 580,500 Accounts payable Accrued liabilities Martgage payable Preferred stock Additional paid-in capital-preferred Common stock Retained earnings 677,250 154,800 774,000 166,410 $2,047,230 774,000 85,140 $1,710,540 1. 2. The Accumulated Depreciation account has been credited only for the depreciation expense for the period. The Retained Earnings account has been charged for dividends of $178,020 and credited for the net income for the year. The income statement for 2021 is as follows: Sales revenue $2,554,200 Cost of sales 1,404,810 Gross profit 1,149,390 Operating expenses 890,100