Statement of Cash Flows The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Assets Cash Accounts receivable (net) Inventories Land Dec. 31, 20Y2 Dec. 31, 20Y1 $111 $36 46 25 103 Equipment 40 Accumulated depreciation-equipment (14) (7) Total Assets $342 $243 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $43 $36 Dividends payable 7 Common stock, $1 par 23 11 Excess of paid-in capital over par 50 28 Retained earnings 219 168 Total liabilities and stockholders' equity $342 $243 The following additional information is taken from the records: 1. Land was sold for $30. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $74 credit to Retained Earnings for net income. 6. There was a $23 debit to Retained Earnings for cash dividends declared.