Cullumber Company Comparative Balance Sheets December 31 2019 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2018 $ 32,500 70,500 186,500 100,000 199,000 $ 72,500 85,500 169,500 72,000 259,000 (65,500) (33,500) $593,000$555,000 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 46,500 203,000 172,000 133,500 $593,000$555,000 $ 35,000 148,000 214,000 196,000 Total Additional information: 1. Net income for 2019 was $101,000 2. Cash dividends of $38,500 were declared and paid 3. Bonds payable amounting to $55,000 were redeemed for cash $55,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2019, but land was sold at cost. Cullumber Company Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work