The balance sheet data of Tamarisk Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $29,800 $34,800 Accounts receivable (net) 55,100 44,800 Inventory 65,400 45,100 Prepaid expenses 15,200 25,100 Equipment 89,200 74,200 Accumulated depreciation-equipment (17,840 ) (7,900 ) Land 70,700 40,400 $307,560 $256,500 Accounts payable $65,500 $52,000 Accrued expenses 15,100 18,100 Notes payable-bank, long-term -0- 23,100 Bonds payable 30,000 -0- Common stock, $10 par 188,100 157,800 Retained earnings 8,860 5,500 $307,560 $256,500 Land was acquired for $30,300 in exchange for common stock, par $30,300, during the year; all equipment purchased was for cash. Equipment costing $12,900 was sold for $3,000; book value of the equipment was $6,100. Cash dividends of $10,000 were declared and paid during the year.