LAG Network Inc.s balance sheet and income statement are as follows:

LAG Network Inc.
Income Statement
For Year Ended December 31, 2020
Sales				$	939,600
Cost of goods sold					567,200
Gross profit				$	372,400
Operating expenses:
Depreciation expense	$	25,200
Other expenses		253,800
Total operating expenses					279,000
Profit from operations				$	93,400
Income taxes					29,600
Profit				$	63,800

LAG Network Inc.
Comparative Balance Sheet Information
	December 31
	2020				2019
Assets
Cash	$	81,300			$	56,600
Accounts receivable		53,400				39,800
Merchandise inventory		269,100				263,200
Equipment		165,400				140,600
Accumulated depreciation		(82,800	)			(57,600	)
Total assets	$	486,400			$	442,600
Liabilities and Equity
Accounts payable	$	42,200			$	54,800
Income taxes payable		22,600				21,200
Common shares		374,000				321,000
Retained earnings		47,600				45,600
Total liabilities and equity	$	486,400			$	442,600

Additional information regarding LAG Network Inc.s activities during 2020:

1. Equipment is purchased for $24,800 cash.
2. 21,200 common shares are issued for cash at $2.50 per share.
3. Declared and paid $61,800 of cash dividends during the year.