The comparative balance sheets for Spicer Company as of December 31 are as follows. Spicer Company Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable $44,730$36,000 Bonds payable 300,000300,000 Common stock, \$1 par Retained earnings Total 205,000$749,730180,000$676,000 1. Operating expenses include depreciation expense of $42,000 ( $20,000 of depreciation expense for buildings and $22,000 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $12,000 were declared and paid. 4. Net income for 2025 was $37,000. 5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash. 6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000