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Instant Brake Inc.'s comparative balance sheet information at December 31, 2020 and 2019, and its income statement for the year ended December 31, 2020, are as follows: Instant Brake Inc. Income Statement December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating Profit Loss on sale of equipment Investment income Profit before taxes Income taxes $885,000 568,000 $317,000 $132,640 41,200 173,840 143,160 13,820 20,520 149,860 20,000 $129,860 Profit Cash Cash equivalents Accounts receivable Inventory Investment Land Building and equipment Accumulated depreciation Instant Brake Inc. Balance Sheet Information December 31 2020 2019 $ 40,000 $ 23,360 26,280 8,000 86,720 29,440 112,640 75,520 0 26,280 75,200 75,200 412,400 432,920 110,080 88,960 Net Change $ 16,640 18,280 57,280 37,120 (26,280) (20,520) 21,120 Balance Sheet Information December 31 2020 2019 Cash $ 40,000 $ 23,360 Cash equivalents 26,280 8,000 Accounts receivable 86,720 29,440 Inventory 112,640 75,520 Investment 26,280 Land 75,200 75,200 Building and equipment 412,400 432,920 Accumulated depreciation 110,080 88,960 Accounts payable 10,040 36,200 Dividends payable 2,400 1,400 Bonds payable 16,000 Preferred shares 80,000 80,000 Common shares 404,480 404,480 Retained earnings 130, 240 59,680 Net Change $ 16,640 18,280 57,280 37,120 (26,280) 0 (20,520) 21,120 (26,160) 1,000 16,000 0 0 70,560 During 2020, the following transactions occurred: 1. Purchased equipment for $21,000 cash. 2. Sold the investment on January 1, 2020, for $46,800, resulting in investment income of $20,520. 3. Sold equipment for $7,620 cash that had originally cost $41,520 and had $20,080 of accumulated depreciation 4. Issued $16,000 of bonds payable at face value