Carter Fuel Injection Systems, Inc. Comparative Balance Sheet Dec 31, 2020 Assets Dec. 31, 2019 Cash $ 34,000 $11,000 Accounts receivable 18,000 13.000 Inventory 25,000 17.000 Prepaid expenses 6,000 9,000 Long-term investments -0 17 000 Equipment 60,000 33,000 Accumulated depreciation equipment (20.000) 115.00001 Total assets $120.000 SO4.000 Liabilities and Stockholders' Equity Accounts payablo $ 17.000 $ 7000 Bonds payable 36.000 45.000 Common stock 40.000 23000 Retained earnings 30.000 10.000 Total liabilities and stockholders equity SPRODO $85.000 Additional information: 1. Net income for the year ending December 31, 2020 was $35,000 2 Cash dividends of $15,000 wore declared and paid during the year 3 Long-term investments that had a cost of $17.000 were sold for $14,000 4. No equipment was sold during 2020, HINT depreciation expense must be determined Notice in 4 it states no equipment was sold during 2020, therefore, focus on the change in accumulated depreciation Carter Fuel Injection Systems, Inc. Comparative Balance Sheet Dec 31, 2020 Assets Dec. 31, 2019 Cash $ 34,000 $11,000 Accounts receivable 18,000 13.000 Inventory 25,000 17.000 Prepaid expenses 6,000 9,000 Long-term investments -0 17 000 Equipment 60,000 33,000 Accumulated depreciation equipment (20.000) 115.00001 Total assets $120.000 SO4.000 Liabilities and Stockholders' Equity Accounts payablo $ 17.000 $ 7000 Bonds payable 36.000 45.000 Common stock 40.000 23000 Retained earnings 30.000 10.000 Total liabilities and stockholders equity SPRODO $85.000 Additional information: 1. Net income for the year ending December 31, 2020 was $35,000 2 Cash dividends of $15,000 wore declared and paid during the year 3 Long-term investments that had a cost of $17.000 were sold for $14,000 4. No equipment was sold during 2020, HINT depreciation expense must be determined Notice in 4 it states no equipment was sold during 2020, therefore, focus on the change in accumulated depreciation