Condensed financial data of Bridgeport Corp. for 2020 and 2019 are presented below. BRIDGEPORT CORP. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $800 $580 Investments 0 210 Receivables 2,230 2,070 Inventory 1,620 1,150 Plant assets 1,490 1,200 Accumulated depreciation (600) (460) $5,540 $4,750 Accounts payable $770 $1,230 Accrued liabilities 340 530 Bonds payable 810 1,030 Capital stock 1,540 1,440 Retained earnings 2,080 520 $5,540 $4,750 BRIDGEPORT CORP. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales $15,290 Cost of goods sold 10,500 Gross margin 4,790 Selling and administrative expenses 1,180 Income from operations 3,610 Other revenues and gains Loss on sale of investments 50 Income before tax 3,560 Income tax expense 1,380 Net income 2,180 Cash dividends 620 Income retained in business $1,560 Additional information: During the year, $100 of common stock was issued in exchange for land. No plant assets were sold in 2020.