The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:

		Dec. 31, 20Y9		Dec. 31, 20Y8
Assets
Cash		$289,090		$269,230
Accounts receivable (net)		104,730		96,700
Inventories		295,630		286,290
Investments		0		110,920
Land		151,640		0
Equipment		326,180		253,120
Accumulated depreciationequipment		(76,360)		(68,260)
Total assets		$1,090,910		$948,000
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$197,450		$186,760
Accrued expenses payable (operating expenses)		19,640		24,650
Dividends payable		10,910		8,530
Common stock, $10 par		58,910		46,450
Paid-in capital in excess of parcommon stock		221,450		128,930
Retained earnings		582,550		552,680
Total liabilities and stockholders equity		$1,090,910		$948,000

Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $129,780 cash.
4. The common stock was issued for cash.
5. There was a $74,430 credit to Retained Earnings for net income.
6. There was a $44,560 debit to Retained Earnings for cash dividends declared.