Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2821 2020 Assets Cash Accounts receivable Inventory Land Building $ 500 $ 385 590 310 740 410 750 735 700 700 Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent (2008) (185) 3,100 2,870 (397) (360) 1,200 1,450 $ 6,983 $ 6,235 Liabilities Accounts payable Accrued liabilities Lease liability-land $ 840 270 130 $ 640 230 0 Shareholders' Equity Common stock 3,700 Paid-in capital-excess of par Retained earnings 550 1,493 3,500 540 1,325 $ 6,983 $ 6,235 Revenues METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 Sales revenue ($ in thousands) $2,894 Gain on sale of land 90 $2,984 Expenses Cost of goods sold $1,040 Depreciation expense-building 15 Depreciation expense-equipment 496 Loss on sale of equipment 20 Amortization of patent 250 Operating expenses 400 2,221 Net income $ 763 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $510,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $210,000 and $385,000 for stock dividends and cash dividends. respectively.