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Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 20202019 Cash 72,900$32,600 71,300 170,100186,800 73,700100,200 259 700200.200 Accounts

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Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 20202019 Cash 72,900$32,600 71,300 170,100186,800 73,700100,200 259 700200.200 Accounts receivable 85,800 Inventory Land Equipment Accumulated depreciation-equipment(66,200)133,700 Total 596,000 $557,400 Liabilities and Stockholders'Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings es 35,000$46,700 51,000 204,000 216,400 175,500 193,600 131,200 $596,000 $557,400 Total Additional information: 1. Net income for 2020 was $102,800 2. Cash dividends of $ 40,400 were declared and paid. 3. Bonds payable amounting to $ 53,000 were redeemed for cash $ 53,000 4. Common stock was issued for $40,900 cash. 5. No equipment was sold during 2020, but land was sold at cost

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