Ivanhoe Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable IVANHOE INC. BALANCE SHEET DECEMBER 31, 2019 $24,910 Accounts payable 26,110 Notes payable (long-term) 36,910 Common stock 81,000 Retained earnings 44,910 $213,840 $34,910 45,910 104,910 28,110 Investments Plant assets (net) Land $213,840 During 2020, the following occurred. 1. 2. 3. 4. Ivanhoe Inc. sold part of its debt investment portfolio for $18,358. This transaction resulted in a gain of $6,758 for the firm The company classifies these investments as available-for-sale. A tract of land was purchased for $17,910 cash. Long-term notes payable in the amount of $19,358 were retired before maturity by paying $19,358 cash. An additional $23,358 in common stock was issued at par. Dividends of $11,558 were declared and paid to stockholders. Net income for 2020 was $36,910 after allowing for depreciation of $14,358. Land was purchased through the issuance of $39,910 in bonds. At December 31, 2020, Cash was $41,910, Accounts Receivable was $46,510, and Accounts Payable remained at $34,910. 5. 6. 7. 8. IVANHOE INC. Statement of Cash Flows V Adjustments to reconcile net income to $ Land purchased through issuance of $ of bonds IVANHOE INC. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ $