Current Attempt in Progress Sheridan Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,320 Current liabilities $151,320 Land 31,520 Bonds payable 101,320 Buildings 121,320 Common stock 181,520 Equipment 91,520 Retained earnings 45,520 Accum.depr-buildings (31,320) Total $479,680 Accum. depr-equipment (11,000) Patents 41,320 Total $479,680 The following information is available for 2020. 223 3. 4. 5. 6. 7. 66220 8. 9. 10. Net income was $53,040. Equipment (cost $21,320 and accumulated depreciation $9,320) was sold for $11,320. Depreciation expense was $5,320 on the building and $10,320 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,320. An addition to the building was completed at a cost of $28,320. A long-term investment in stock was purchased for $16,000 Bonds payable of $51,520 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000.