The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Cash Accounts receivable (net) Inventories Investments Land Equipment Assets Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity Dec. 31, 2019 Dec. 31, 20Y8 $241,450 $227,190 87,470 81,600 246,910 241,590 0 93,600 126,650 272,430 213,590 (63,780) (57,600) $911,130 $799,970 $164,910 $157,590 16,400 20,800 9,110 7,200 49,200 39,200 184,960 108,800 486,550 466,380 $911,130 $799,970 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: a. Equipment and land were acquired for cash, b. There were no disposals of equipment during the year. c. The investments were sold for $109,510 cash. d. The common stock was issued for cash. e. There was a $57,770 credit to Retained Earnings for net income. f. There was a $37,600 debit to Retained Earnings for cash dividends declared.