E5-17 - Grant Wood Corporation's balance sheet at the end of 2019 included the following:2019Current assets (Cash $82,000)235,000Land30,000Buildings120,000Equipment90,000Accumulated depreciation - buildings(30,000)Accumulated depreciation - equipment(11,000)Patents40,000Total474,000Current liabilities150,000Bonds payable100,000Common stock180,000Retained earnings44,000Total474,000For 2020:1. Net income was $55,000.2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000. (Loss of $2,000)3. Depreciation expense was $4,000 on the building and $9,000 on equipment.4. Patent amortization was $2,500.5. Current assets other than cash increased by $29,000; current liabilities increased by $13,000.6. An addition to the building was completed at a cost of $27,000.7. A long term investment in stock was purchased for $16,000.8. Bonds payable of $50,000 were issued.9. Cash dividends of $30,000 were delcared and paid.10. Treasury stock was purchased at a cost of $11,000.

prepare balance sheet for the year 2020