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 $600,000. HAMES INC. Balance Sheets December 31, 2020 and 2019 2020 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 Common stock, no par, 100,000 shares authorized 40,000 and 25,000 shares issued, respectively 2019 $ 21,000 $ 20,000 72,000 78,000 103,000 $202,000 50,000 125,000 (65,000) $ 312,000 $ 18,000 64,800 20,000 $ 102,800 22,000 $ 124,800 99,000 $191,000 40,000 110,000 (60,000) $281,000 $ 17,000 75,500 18,000 $ 110,500 30,000 $ 140,500 $ 74,000 $ 59,000 Retained earnings: Beginning balance Net income for the year Dividends for the year Ending balance Total stockholders' equity Total liabilities and stockholders' equity $ 81,500 51,700 (20,000) $113,200 $187,200 $ 312,000 $ 85,000 1,500 (5,000) $ 81,500 $ 140,500 $281,000