The balance sheets for Byron Manufacturing at December 31, 2012 and 2013 are shown: Byron Manufacturing Balance Sheets As of December 31, 2013 and 2012 Assets 2013 2012 Current assets: Cash Accounts receivable Inventory 5,340 10,620 19,780 35,740 9,030 9,070 18,650 36,750 Total current assets Property, plant, and equipment Building Equipment 492,000 280,000 772,000 (147,150) 624,850 660,590 492,000 270,400 762,400 (119,000) 643,400 680,150 Accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Equity Current liabilities: Accounts payable Salaries payable Income taxes payable 55,120 9,630 1,210 65,960 36,260 11,620 9,980 57,860 Total current liabilities Long-term liabilities: Bonds payable Equity: Common stock Retained earnings 353,000 396,000 181,000 60,630 241,630 660,590 147,000 79,290 226,290 680,150 Total equity Total liabilities and equity Additional Information needed to prepare the Statement of Cash Flows: 1. Net income was $2,560 2. Byron paid $21,220 in cash dividends 3. Byron issued $51,670 in bonds payable for cash 4. Byron retired $94,670 in bonds with cash 5. No fixed assets were sold or disposed of during the period