Problem 12-11A The comparative balance sheets for Concord Corporation as of December 31 are presented below. Concord Corporation Comparative Balance Sheets December 31 Assets 2019 2018 Cash $57,600 $47,800 Accounts receivable 43,600 64,100 Inventory 151,600 145,800 Prepaid expenses 14,300 21,200 Land 96,300 130,400 Buildings 197,000 197,000 Accumulated depreciation-buildings (55,900) (30,900) Equipment 229,900 156,600 Accumulated depreciation-equipment (43,600) (35,800) Total $690,800 $696,200 Liabilities and Stockholders' Equity Accounts payable $46,100 $39,800 Bonds payable 260,000 290,900 Common stock, $1 par 189,800 158,900 Retained earnings 194,900 206,600 Total $690,800 $696,200 Additional information: 1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $6,900. 2. Land was sold for cash at book value. 3. Cash dividends of $56,100 were paid. 4. Net income for 2019 was $44,400. 5. Equipment was purchased for $95,100 cash. In addition, equipment costing $21,800 with a book value of $12,600 was sold for $5,300 cash. 6. Bonds were converted at face value by issuing 30,900 shares of $1 par value common stock. ROTHLISBERGER COMPANY Statement of Cash Flows $ Adjustments to reconcile net income to $ $ $