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) 2021 2020 Assets Cash $ 390 $ 170 Accounts receivable Inventory Land Building 370 200 520 355 525 500 900 900 Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent (250) (225) 2,550 2,210 (346) (320) 1,100 1,300 $ 5,759 $ 5,090 Liabilities Accounts payable Accrued liabilities. Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 620 160 130 $ 470 130 0 3,120 750 979 3,000 715 775 $ 5,759 $ 5,090 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue Gain on sale of land $ 2,512 35 $ 2,547 Expenses Cost of goods sold 820 Depreciation expense-building 25 Depreciation expense-equipment 188 Loss on sale of equipment 15 Amortization of patent 200 Operating expenses 500 Net income 1,748 $ 799 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 $180,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $155,000 and $440,000 for stock dividends and cash dividends, respectively.