Gadfly Corporations income statement for the year ended December 31, 2020, and comparative balance sheets at December 31, 2019 and 2020 appear below:

Gadfly Corporation

Comparative Balance Sheets

	Dec. 2019	Dec. 2020
Assets
Cash	$ 80	$240
A/R	100	150
Inventory	190	130
LT-investments	220	180
Plant and equipment	400	440
Acc. Depreciation	(200)	(220)
Land	0	580
Total	$790	$1,500
Liabilities and equity
A/P	$210	$ 90
Wages payable	80	60
LT-NP	100	270
C/S	100	600
R/E	300	480
Total	$790	$1,500

Income Statement

For the Year Ended December 31, 2020

Sales revenue	$1,340
CGS	(760)
Depreciation	(100)
Other expenses	(300)
Loss on sale of equipment	(20)
Gain on sale of LT-investments	100
NI	$ 260

Additional data for 2020:

1. Plant and equipment costing $160 (50% depreciated) was sold at the end of 2020 for $60 cash.
2. Acquired land costing $200; paid $50; gave LT-NP for the balance.
3. Paid $80 on LT-NP.
4. Issued common stock for $200 cash.
5. Acquired plant and equipment for $200; paid 50% cash; gave LT-NP for the balance.
6. Issued 300 C/S for land with a fair value of $380 and paid the balance in cash. The shares were actively traded at $1 per share.
7. Sold LT-investments for $140.

Dividends were declared and paid in the same year