Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $590,000. HAMES INC. Balance Sheets December 31, 2020 and 2019 Assets Cash Accounts receivable Merchandise inventory Total current assets Land Plant and equipment Less: Accumulated depreciation Total assets Liabilities Short-term debt Accounts payable Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders' Equity 40,000 and 25,000 shares issued, respectively Common stock, no par, 100,000 shares authorized 2020 $ 24,000 78,000 103,000 $205,000 50,000 125,000 (65,000) $315,000 $ 18,000 66,000 20,000 $ 104,000 22,000 $ 126,000 2019 $ 21,000 72,000 99,000 $ 192,000 40,000 110,000 (60,000) $282,000 $ 17,000 76,000 18,000 $111,000 30,000 $141,000 Retained earnings: Beginning balance. Net income for the year Dividends for the year Ending balance Total stockholders' equity Total liabilities and stockholders' equity Requirede $ 74,000 $ 82,000 53,000 (20,000) $ 115,000 $ 189,000 $315,000 $ 59,000 $ 85,000 2,000 (5,000) $ 82,000 $141,000 $282,000