Championship Boxing, Inc. Comparative Balance Sheet December 31, 20 Y8 and 20Y7 \begin{tabular}{|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{20Y8} & \multicolumn{2}{|l|}{20Y7} \\ \hline \multicolumn{6}{|l|}{ Assets } \\ \hline Cash & $ & 608,770 & & \multicolumn{2}{|c|}{$585,920} \\ \hline Accounts receivable (net) & & \multicolumn{2}{|c|}{230,950} & 205,560 & \\ \hline Inventories & & 651,870 & & \multicolumn{2}{|c|}{618,320} \\ \hline Investments & & & 0 & 230,000 & \\ \hline Land & & 326,000 & & & 0 \\ \hline Equipment & & \multicolumn{2}{|c|}{705,200} & 553,120 & \\ \hline Accumulated depreciation-equipment & & \multicolumn{2}{|c|}{(166,400)} & 148,000 & \\ \hline Total assets & $ & 2,356,390 & & 2,044,920 & \\ \hline \end{tabular} Check My Work Balance Sheet Using the information on above, complete the following comparative balance sheet. Championship Boxing, Inc. estimates that the reconstruction of the data will take about 24 hours. some introductory remarks. In addition to the statement of cash flows, the following data survived the computer mishap: - The investments were sold for $280,000 cash. - Equipment was acquired for $152,080 cash. - Land was acquired for $326,000 cash. - There were no disposals of equipment during the year. - 12,500 shares of common stock were sold for cash during the year. - There was a $96,000 debit to Retained Earnings for cash dividends declared. Statement of Cash Flows