Problem 13-4A The following financial information is for Sandhill Company. SANDHILL COMPANY Balance Sheets Assets Cash December 31 2019 2018 $ 69,000 50,000 $ 66,000 42,000 106,000 92,000 238,000 166,000 25,000 24,000 132,000 132,000 264,000 184,000 $884,000 $706,000 Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Liabilities and Stockholders' Equity Total assets Notes payable Accounts payable Accrued liabilities Bonds payable, due 2022 Common stock, $10 par $169,000 $105,000 68,000 51,000 42,000 42,000 252,000 169,000 209,000 209,000 144,000 130,000 Retained earnings Total liabilities and stockholders' equity $884,000 $706,000 SANDHILL COMPANY Income Statements For the Years Ended December 31 Sales revenue Cost of goods sold Gross profit Operating expenses Net income 2019 2018 $888,000 $782,000 640,000 576,000 248,000 206,000 195,000 158,000 $ 53,000 $48,000