• Syal Company submitted the following comparative balance sheets: Assets 2014 2013 Cash $ 73,000 $ 33,000 Accounts receivable 85,000 71,000 Inventory 170,000 187,000 Land 73,000 100,000 Equipment 260,000 200,000 Accumulated depreciation - equipment (66,000) (34,000) Total Assets $ 595,000 $ 557,000 Liabilities & Equity Accounts payable $ 35,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 216,000 174,000 Retained earnings 194,000 136,000 Total liabilities & equity $ 595,000 $ 557,000 Additional information: Net income for 2014 was $ 103,000. Depreciation expense was $32,000. Cash dividends of $ 45,000 were paid. Bonds payable amounting to $50,000 were redeemed for cash $50,000 Common stock was issued for $42,000 No equipment was sold during 2014. Land was sold for its book value of $27,000