+ Similar to P23-2 (SCF-Indirect Method) The comparative balance sheets for Ruiz Corporation show the following information. December 31 2021 2020 Cash 27,900 $15,000 Accounts receivable 15,000 12,000 Less: Allowance for Doubtful Accounts (2,750) (2,000) Inventory 12,000 9,000 Investments 0 3,000 Buildings 50,000 50,000 Less: Accumulated Depr. - Buildings (24,500) (20,250) Equipment 45,000 25,000 Less: Accumulated Depr. - Equipment (11,000) (10,000) Patents 5,250 6,250 Totals 116,900 $88,000 Accounts payable 11,000 14,000 Accrued expenses 1,100 2,000 Dividends payable 6,000 5,000 Long-term notes payable 25,970 25,000 Common stock, $1 Par 42,000 36,000 Retained earnings Totals 30,830 6,000 116,900 $88,000 Additional data related to 2021 are as follows: 1. Equipment that had cost $10,000 and was 50.0% depreciated at time of disposal was sold for $13,000 2. The payment on the LT Note amounted to $6,000 and included principal and interest. 3. Cash dividends paid were $5,000. Dividends declared but not paid were $6,000. 4. Investments (Trading Securities) were sold $300 below their carrying value on the balance sheet. This was the only investment owned by the company. 5. Cash of $25,000 was paid for the acquisition of equipment. 6. A long-term note for $5,000 was issued for the acquisition of equipment. 7. Common stock was issued at par during the year 6,000 shares were sold for $1 each. 8. Interest of $1,970 and income taxes of $6,000 were paid in cash. The only interest paid for the year related to the LT Note payable 9. Sales for the year (All on credit) were $122,000. Cost of Goods sold for the year was: $64,550 10. Selling & General Expenses were: $15,100