Dec. 31, 20Y2 Dec. 31, 20Y1 $180 $59 Assets Cash Accounts receivable (net) Inventories 103 74 65 41 Land 148 167 83 65 Equipment Accumulated depreciation equipment (22) (11) Total Assets $557 $395 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $70 $59 Dividends payable 11 Common stock, $1 par 37 19 Pald-in capital: Excess of issue price over par- 85 46 common stock Retained earnings 354 271 Total liabilities and stockholders' equity $557 $395 The following additional information is taken from the records: 1. Land was sold for $48. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $120 credit to Retained Earnings for net income. 6. There was a $37 debit to Retained Earnings for cash dividends declared