Case Study 2: [15 Marks] Plough Company reported net income of $138300 for the current year. Depreciation recorded on buildings and equipment amounted to $46000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Other cash related transactions during the year were: 1. Issued $50000 of par value common stock for cash. 2. Repaid a 6 year note payable in the amount of $22000. 3. Acquired land by issuing common stock of par value $100000. 4. Declared and paid a cash dividend of $32000. 5. Sold a long-term investment (cost $3000 ) for cash of $8000. 6. An old machine was scrapped and replaced by a new one costing $37500