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Cash Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation Year 2 Year 1 61,700 78,000 90,100 85,000 87,200 90,000 41,000 35,000 320,000 370,000 (135,000) (155,000) 465,000 503,000 Accounts payable (merchandise creditors) Wages payable Dividends payable Bonds Payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 57,600 2,500 1,000 40,000 120,000 62,500 181,400 465,000 55,000 4,000 3,000 90,000 115,000 60,000 176,000 503,000 Additional information related to transactions occurring in Year 2: 500 shares of common stock were issued at $15 per share. A portion of the long term bonds were redeemed (paid off) at face value. . Additional investments were purchased at a cost of $6,000. None were sold. Cash dividends declared during Year 2 = $7,000. Depreciation expense on the equipment was reported on the income statement. Equipment was purchased for $5,500 cash. Equipment with a cost of $55,500 and accumulated depreciation of $38,500 was sold for $14,300. Net income for the year $12,400