Debit Credit Cash Sales $ 201,720 $8,101,160 Debt Investments (trading) (at cost, $145,000) 154,160 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,720 Equity Investments (long-term) 281,720 Notes Payable (short-term) 91,160 Accounts Payable 456,160 Selling Expenses 2,001,160 Investment Revenue 67,870 Land 261,160 Buildings 1,044,720 Dividends Payable 140,720 Accrued Liabilities 97,160 Accounts Receivable 436,160 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 26,160 Administrative Expenses 904,870 Interest Expense 215,870 Inventory 601,720 Gain 84,870 Notes Payable (long-term) 904,720 Equipment 601,160 Bonds Payable 1,004,720 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,001,160 Treasury Stock 192,160 Patents 195,000 Retained Earnings 82,720 Paid-in Capital in Excess of Par 84,720 Current Assets Cash > Trading Securities Accounts Receivable Less :Allowance for Doubtful Accounts Inventory Total Current Assets Long-term Investments Debt Investments Equity Investments For the Year Ended December 31, 2020 Assets tA GA Total Long-term Investments Property, Plant and Equipment Land Buildings Less : Equipment Accumulated Depreciation-Buildings Less Accumulated Depreciation-Equipment Liabilities and Stockholders' Equity $