The comparative balance sheet of XYZ Corporation for the most recent two years is as follows:

12/31/Y2 12/31/Y1

Assets

Cash $183,000 $ 14,000

Accounts receivable 55,000 49,000

Inventories 117,000 99,000

Land 250,000 330,000

Equipment 205,000 175,000

Accumulated depreciation-equipment (68,000) (42,000)

Total assets $742,000 $625,000

Liabilities and Stockholders Equity

Accounts payable $ 51,000 $ 37,000

Dividends payable 5,000 --

Common stock, $1 par 125,000 80,000

Paid-in capital: Excess over par-common stock 85,000 70,000

Retained earnings 476,000 438,000

Total liabilities and stockholders equity $742,000 $625,000

The following information is taken from company records:

Land was sold for $120,000.

Equipment was acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $62,000 credit to retained earnings for net income.

There was a $24,000 debit to retained earnings for cash dividends declared.