PREPARE A BALANCE SHEET

Sarasota Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,420 Land 31,740 Buildings 121,420 Equipment 91,740 Accum. depr.-buildings (31,420) Accum. depr.-equipment (11,000) Patents 41,420 Total $480,320 Current liabilities Bonds payable Common stock Retained earnings Total $151,420 101,420 181,740 45,740 $480,320 The following information is available for 2020. 1. Net income was $53,490. 2. Equipment (cost $21,420 and accumulated depreciation $9.420) was sold for $11.420. 3. Depreciation expense was $5,420 on the building and $10,420 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,420. 6. An addition to the building was completed at a cost of $28,420. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $51.740 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000