Sheridan Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) Land Buildings Equipment Accum. depr-buildings Accum. deprequipment Patents $236,770 32,190 121,770 92,190 (31,770) (11,000) 41,770 $481,920 Current liabilities Bonds payable Common stock Retained earnings Total $151,770 101,770 182,190 46,190 $481,920 Total The following information is available for 2020. 1. 2. 3. 4. 5. 6. Net income was $60,100. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770. Depreciation expense was $5,770 on the building and $10,770 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770. An addition to the building The following information is available for 2020. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Net income was $60,100. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770. Depreciation expense was $5,770 on the building and $10,770 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770. An addition to the building was completed at a cost of $28,770. A long-term investment in stock was purchased for $16,000. Bonds payable of $52,190 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. SHERIDAN CORPORATION Balance Sheet For the Year Ended December 31, 2020 Assets Current Assets Property, Plant and Equipment Land $ Buildings 150540 Less : Accumulated Depreciation-Buildings (37540) i Equipment 70420 Less : Accumulated Depreciation Equipment (12,000) Total Property, Plant and Equipment Intangible Assets Patents Total Assets