Exercise 5-17 Concord Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,480 Land 31,100 Buildings 121,480 Equipment 91,100 Accum. depr.-buildings (31,480) Accum. depr.-equipment (11,000 Patents 41,480 Total $479,160 Current liabilities Bonds payable Common stock Retained earnings Total $151,480 101,480 181,100 45,100 $479,160 The following information is available for 2020. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000. CONCORD CORPORATION Statement of Cash Flows Adjustments to reconcile net income to CONCORD CORPORATION Balance Sheet Assets $ $ Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS