Sandhill Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,480 Current liabilities $151,480 Land 31,100 Bonds payable 101,480 Buildings 121,480 Common stock 181,100 Equipment 91,100 Retained earnings 45,100 Accum. depr.-buildings (31,480 ) Total $479,160 Accum. depr.-equipment (11,000 ) Patents 41,480 Total $479,160 The following information is available for 2020. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment.