Exercise 12-8 (Part Level Submission) Sheridan Company's comparative balance sheets are presented below. Sheridan Company Comparative Balance Sheets December 31 2019 2018 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $ 10,000 23,000 25,900 70,300 (10,600) $ 14,400 20,800 19,800 70,300 (14,700) $110,600$118,600 Total Accounts payable Common stock Retained earnings $ 12,200 $ 27,600 71,000 20,000 $110,600$118,600 75,600 22,800 Total Additional information: 1. Net income was $22,600. Dividends declared and paid were $19,800. 2. No noncash investing and financing activities occurred during 2019. 3. The land was sold for cash of $4,800