The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 2018 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Equipment Assets Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $68,650 $84,570 105,490 114,010 150,690 141,310 6,140 4,280 306,980 253,180 (79,810) (62.090) $558,140 $535,260 $117,210 $111,870 0 160,580 18.000 11,000 284,000 151,000 138,930 100,810 $558,140 $535,260 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20YB are as follows: a. Net income, $97,590. b. Depreciation reported on the income statement, $38,730. c. Equipment was purchased at a cost of $74,810, and fully depreciated equipment costing $21,010 was discarded, with no salvage realized. d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. e. 7,000 shares of common stock were issued at $20 for cash. f. Cash dividends declared and paid. $59,470.