Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash $ 210,660 Accounts receivable (net) 77,400 $ 199,150 71,010 Inventories 218,150 209,760 Investments 0 81,620 Land 111,820 0 Equipment 238,420 187,730 Accumulated depreciation-equipment (56,700) (50,600) Total assets $799,750 $698,670 Liabilities and tockholders' Equity Accounts payable $ 144,520 $ 137,640 Accrued expenses payable 14,540 18,170 Dividends payable 7,900 6,300 Common stock, $1 par 42,700 32,840 Excess of paid-in capital over par 162,500 95,020 Retained earnings 427,590 408,700 Total liabilities and stockholders' equity $799,750 $698,670 The income statement for the year ended December 31, 20Y3, is as follows: Sales $1,338,570