(in 000s, except per share amounts) Assets Current assets Cash and cash equivalents James Company Accounts receivable, net Inventories, net Prepaid expenses and other current assets Total current assets Noncurrent assets Property, plant and equipment net Balance Sheet As of December 31 2020 2019 Change S 6,894 S 8,704 6,246 10,373 648 (1,669) 16,624 15,716 908 275 265 10 32,497 32,600 78,708 79,385 (677) $ 111,205 $ 111,985 Total assets Liabilities and Stockholders' Equity Current Liabilities Current portion of long-term debt Accounts payable 200 200 6,105 6,270 (165) Accrued expenses and other liabilities 7,901 7,457 444 Total current liabilities S 14,206 $ 13,927 Noncurrent Liabilities Long-term debt S 26,320 S 19,800 6,520 Deferred income taxes 7,942 8,126 (184) Total noncurrent liabilities $ 34,262 $ 27,926 Stockholders' Equity Convertible Class A preferred stock, par value $1 per share (600 shares authorized) 600 600 Common stock, par value $1 per share (20,000 shares authorized; shares issued: 2020-17,500, 2019 - 20,000) 20,000 20,000 Paid-in capital Total stockholders' equity Treasury stock, at cost (shares held: 2020 -2,500, 2019-0) Retained earnings 22,714 (15,000) 21,714 1,000 (15,000) 34,423 27,818 6,605 S 62,737 S 70,132 Total liabilities and stockholders' equity $ 111,205 $ 111,985 James Company had Net Income of $7,480 and recognized Depreciation Expense in the amount of $5,327. . Additional Information: . James Company paid a cash dividend of $875 in the current year. James Company also issued long-term debt in the amount of $5,200 and made a payment of $200 on the current portion of previously borrowed long-term debt. James Company recognized $1,000 of Compensation expense related to a stock-based compensation plan. James Company had unamortized discount on its bonds payable in the amount of $70 as of December 31, 2020 and $90 as of December 31, 2019. James Company acquired a piece of land in exchange for a $1,500 long-term note payable. All other acquisitions of PPE were made with cash in the amount of $3,950. James Company sold machinery for $1,250 cash recognizing a gain of $450 as the machinery had a book value of $800 at the time of sale. There were no other disposals of PPE.