Exercise 12-08 a-b (Part Level Submission) Pharoah Company's comparative balance sheets are presented below. Pharoah Company Comparative Balance Sheets December 31 2019 Cash $ 14,500 Accounts receivable 21,500 Land 20,200 Buildings 70,000 Accumulated depreciation-buildings (15,500) Total $110,700 2018 $ 10,600 23,200 25,700 70,000 (10,500) $119,000 Accounts payable Common stock Retained earnings Total $ 12,700 76,000 22,000 $110,700 $ 27,600 72,700 18,700 $119,000 Additional information: 1. Net income was $23,000. Dividends declared and paid were $19,700. 2. No noncash investing and financing activities occurred during 2020. 3. The land was sold for cash of $4,400. Pharoah Company Statement of Cash Flows Adjustments to reconcile net income to $ V V Attemi (b) 80 F3 OOD 000 F4 F5 F6 F7 F8