earl Inc. had the following balance sheet at December 31, 2019.

PEARL INC. BALANCE SHEET DECEMBER 31, 2019
Cash		$ 23,400		Accounts payable		$ 33,400
Accounts receivable		24,600		Bonds payable		44,400
Investments		32,000		Common stock		103,400
Plant assets (net)		84,400		Retained earnings		26,600
Land		43,400				$207,800
		$207,800

During 2020, the following occurred.

1.		Pearl liquidated its available-for-sale debt investment portfolio at a loss of $8,400.
2.		A tract of land was purchased for $41,400.
3.		An additional $30,000 in common stock was issued at par.
4.		Dividends totaling $13,400 were declared and paid to stockholders.
5.		Net income for 2020 was $38,400, including $15,400 in depreciation expense.
6.		Land was purchased through the issuance of $33,400 in additional bonds.
7.		At December 31, 2020, Cash was $73,600, Accounts Receivable was $45,400, and Accounts Payable was $43,400.

PEARL INL. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities T Net Income 32,000 Adjustments to reconcile net income to Net Cash Provided by Operating Activities T Depreciation Expense - 15,400 T Sale of Investments Increase in Accounts Receivable , 45,400 Net Income 207,800 Net Cash Provided by Operating Activities Cash Flows from Investing Activities T Sale of Investments 32 nnnll T Sale of Investments 32,000 I Purchase of Land 33,400 Net Cash Used by Operating Activities 65,400 TCash Flows from Financing Activities 1 Sale of Investments 103,400 Issuance of Common Stock - 30,000 Noncash Investing and Financing Activities : 133,400 Net Increase in Cash 23,400 T Cash at Beginning of Year 23,400 TCash at End of Year 38,840 Noncash Investing and Financing Activities