Newman Corporation's comparative balance sheets are presented below.

NEWMAN CORPORATION

Comparative Balance Sheets

December 31

20202019

Cash$ 10,200$ 17,700

Accounts receivable 25,20022,300

Investments25,00016,000

Equipment60,00070,000

Accumulated depreciation(14,000) (10,000)

Total$106,400$116,000

Accounts payable $14,600$11,100

Bonds payable10,00030,000

Common stock50,00045,000

Retained earnings31,80029,900

Total $106,400$116,000

Additional information:

1.Net income was $15,300. Dividends declared and paid were $13,400.

2.Depreciation expense for the year equals 6,200.

3.Equipment which cost $10,000 and had accumulated depreciation of $2,200 was sold for$3,800.