The accounts below appear in the ledger of Teal Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $42,400 Aug. 15 Dividends (cash) $14,900 27,500 Dec. 31 Net Income for 2020 $40,200 67,700 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $139,500 Aug. 3 Purchase of Equipment $61,700 201,200 Sept. 10 Cost of Equipment Constructed 47,500 248,700 Nov. 15 Equipment Sold $55,800 192,900 Accumulated Depreciation-Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $83,200 Apr. 8 Major Repairs $20,800 62,400 Nov. 15 Accum. Depreciation on Equipment Sold 24,900 37,500 Dec. 31 Depreciation for 2020 $17,000 54,500