Exercise 5-17 Tamarisk Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,580 Current liabilities $151.580 Land 31.610 Bonds payable 101,580 Buildings 121.580 Common stock 181,610 Equipment 91,610 Retained earnings 45.610 Accum. depr.-buildings (31,580) Total $480.380 Accum. depr.-equipment (11,000) Patents 41.580 Total $480,380 The following information is available for 2020. 1. Net income was $50,600. 2. Equipment (cost $21.580 and accumulated depreciation 59.580) was sold for $11.580. 3. Depreciation expense was 55,580 on the building and $10.580 on equipment. 4. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,580. An addition to the building was completed at a cost of $28,580. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $51,610 were issued. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000. Nooo U DILULUILLE LOUW WW eerd yn e.g.-15, UUU or in parent TAMARISK CORPORATION Statement of Cash Flows Adjustments to reconcile net income to TAMARISK CORPORATION Balance Sheet Assets Liabilities and Stockholders' Equity