ILO2), AP Condensed financial data of Cheng Inc, follow. P139A (LO 2), AP Condens Prepa indire Cash Cheng Inc. Comparative Balance Sheets December 31 Assets 2020 $ 80.800 Accounts receivable 92,800 Inventory 117,500 Prepaid expenses 28.400 Investments 143,000 Equipment 270,000 Accumulated depreciation--equipment (50,000) Total $682,500 2019 $ 48,400 33.000 102,850 26,000 114,000 242,500 (52.000) $514.750 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $112.000 16.500 110.000 220,000 224,000 $682,500 $ 67,300 17,000 150,000 175.000 105,450 5514,750 $392,780 Cheng Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27.280 Interest expense 4,730 Loss on disposal of plant assets 7,500 Net income 233,880 $158,900 Additional information: 1. New equipment costing $85,000 was purchased for cash during the year. 2. Old equipment having an original cost of $57,500 was sold for $1,500 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $40,350 was declared and paid during the year