The comparative balance sheets for Ivanhoe Corporation show the following information. December 31 2020 2019 Cash $33,700 $13,000 Accounts receivable 12,200 10,100 Inventory 11,900 9.100 Available-for-sale debt investments -0- 3,000 Buildings -0- 29,500 Equipment 44,700 20,000 Patents 5,100 6,200 $107,600 $90,900 Allowance for doubtful accounts $3,000 $4,500 Accumulated depreciation-equipment 2,000 4,600 Accumulated depreciation-building -0- 5,900 Accounts payable 5,100 3,000 Dividends payable -0- 4,900 Notes payable, short-term (nontrade) 3,100 4,000 Long-term notes payable 31,000 25,000 Common stock 43,000 33,000 Retained earnings 20,400 6,000 $107,600 $90,900 Additional data related to 2020 are as follows. 1. Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,500. 2 $10,000 of the long-term note payable was paid by issuing common stock 3. Cash dividends paid were $4,900. 4. 5. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,100 (net of $1,900 taxes). Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,000 and income taxes of $6,400 were paid in cash.