Golf Universe is a regional and online golf equipment retailer. The company reported the following for the current year Purchased a long-term investment for cash, $20,400 Paid cash dividend, $12,900 Sold equipment for $10,500 cash (cost, $30,000, accumulated depreciation, $19,500) Issued shares of no-par stock, 500 shares at $14 per share cash Net income was $24,700 Depreciation expense was $3,900 Its comparative balance sheet is presented below Balances Balances 12/31/Current 12/31/Prior Year 22.900 31,000 80,400 20,400 89,000 (17,300) Year Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation 24,100 31,000 72,500 119,000 (32,900) Accounts payable Wages payable Income taxes payable Notes payable Contributed capital Retained earnings 213.700 $ 14,900 21,500 4.300 3,900 63,000 100,000 21,000 $226,400 213,700 2,400 6,300 63,000 107,000 32,800