Golf Goods Incorporated is a regional and online golf equipment retailer. The company reported the following for the current year: " Purchased a long-term investment for cash, $17,000. Paid cash dividend, $11,200. Sold equipment for $6,400 cash (cost, $21,800; accumulated depreciation, $15,400). Issued shares of no-par stock, 540 shares at $10 cash per share. Net income was $20,600. Depreciation expense was $3,400. Its comparative balance sheet is presented below. Cash Accounts receivable Inventory Investments Equipment Accumulated Depreciation-Equipment Total Accounts payable Salaries and wages payable Income taxes payable Notes payable (long-term) Common stock Retained earnings Total Ending Balances $ 22,000 22,400 Beginning Balances $ 23,500 74,600 22,400 68,400 17,000 8 93,100 114,900 (20,400) (32,400) $ 20,700 $ 14,400 1,700 4,900 $196,800 $ 17,800 2,900 3,200 56,000 56,000 105,400 100,000 26,300 16,900 $ 208,700 $196,800