Newman Corporation's comparative balance sheets are presented below.

NEWMAN CORPORATION

Comparative Balance Sheets

December 31

2020

Cash

$ 10,200

Accounts receivable

25,200

Investments

25,000

Equipment

60,000

Accumulated depreciation

(14,000)

Total

$106,400

Accounts payable

$14,600

Bonds payable

10,000

Common stock

50,000

Retained earnings

31,800

Total

$106,400

2019

Cash

$ 17,700

Accounts receivable

22,300

Investments

16,000

Equipment

70,000

Accumulated depreciation

(10,000)

Total

$116,000

Accounts payable

$11,100

Bonds payable

30,000

Common stock

45,000

Retained earnings

29,900

Total

$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.