Question 14 Financial statements for Concord Corporation are given below: Concord Corporation Balance Sheet January 1, 2018 Assets Equities Cash $ 968000 Accounts receivable Accounts payable $ 458000 861000 Buildings and equipment 3510000 Accumulated depreciation buildings and equipment (1290000) Patents 428000 Common stock 2730000 Retained earnings 1289000 $4477000 $4477000 Concord Corporation Statement of Cash Flows For the Year Ended December 31, 2018 Increase (Decrease) in Cash . Cash flows from operating activities Net income $1230000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(389000) Increase in accounts payable 188000 Depreciationbuildings and equipment 364000 Gain on sale of equipment Amortization of patents (140000) 45000 Net cash provided by operating activities 68000 1298000 . Cash flows from investing activities Sale of equipment Purchase of land Purchase of buildings and equipment 290000 (600000) (1151000) Net cash used by investing activities (1461000) . Cash flows from financing activities Payment of cash dividend Sale of common stock (358000) 963000 Net cash provided by financing activities 605000 Net increase in cash 442000 Cash, January 1, 2018 Cash, December 31, 2018 968000 $1410000 Total assets on the balance sheet at December 31, 2018 are $6651000. Accumulated depreciation on the equipment sold was $337000. The balance in the Retained Earnings account at December 31, 2018 was $931000. $2877000. $2519000. $2161000