Liabilikies \& Stockholder's Equity Accounts payable Accrued expenses income taxes payable Bonds payable Common stock Retained earnings \begin{tabular}{rr} 144,000 & 230,000 \\ 100,000 & 54,000 \\ 74,000 & 110,000 \\ 110,000 & 150,000 \\ 220,000 & 60,000 \\ \hline 544,000 & 282,000 \\ \hline & \\ 1,192,000 & 886,000 \end{tabular} a) Net income for 2018 was $342,000 b) Land was sold at its book value for cash c) Equipment with a cost of $41,000 and a book value of $36,000 was sold for $34,000 cash d) Bonds of $10,000 were redeemed at their book value for cash; bonds of $30,000 were converted into common stock