Financial statements for Bernard Corp. are presented below:

BERNARD CORP.
Statement of Financial Position
January 1, 2020
Assets
Cash				$160,000
Accounts receivable				144,000
Buildings and equipment				600,000
Accumulated depreciationbuildings and equipment				(200,000)
Patents				72,000
Total Assets				$776,000
Liabilities and Equity
Accounts payable				$ 76,000
Common shares				460,000
Retained earnings				240,000
Total Liabilities & Shareholders Equity				$776,000
BERNARD CORP.
Statement of Cash Flows (indirect method)
Year ended December 31, 2020
Cash provided by operating activities
Net income				$200,000
Add back non-cash expenses:
Increase in accounts receivable		$ (64,000)
Increase in accounts payable		32,000
Depreciation expense		60,000
Gain on disposal of equipment		(24,000)
Amortization of patents		8,000		12,000
Cash provided by operating activities				212,000
Cash provided by (used in) investing activities
Sale of equipment		48,000
Purchase of land		(100,000)
Purchase of buildings and equipment		(192,000)
Cash used by investing activities				(244,000)
Cash provided by financing activities
Payment of cash dividends		(60,000)
Issuance of common shares		160,000
Cash provided by financing activities				100,000
Net increase in cash				68,000
Cash, January 1, 2020				160,000
Cash, December 31, 2020				$228,000

Total assets on the December 31, 2020 statement of financial position were $1,108,000. Accumulated depreciation on the equipment sold was $56,000. The balance in the Common Shares account at December 31, 2020 was

$460,000.

$620,000.

$260,000.

$400,000.