The comparative balance sheets of Sheridan Corporation at the beginning and end of the year 2020 appear below. SHERIDAN CORPORATION BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash Accounts receivable Equipment $21,050 $15,320 $5,730 Inc. 107,050 90,320 16,730 Inc. 40,050 24,320 15,730 Inc. Less: Accumulated Depreciation-Equipment (17,000) (11,000) 6,000 Inc. Total $151,150 $118,960 Liabilities and Stockholders' Equity Accounts payable $21,050 $17,320 3,730 Inc. Common stock 101,050 82,320 18,730 Inc. Retained earnings 29,050 19,320 9,730 Inc. Total $151,150 $118,960 Net income of $45,050 was reported, and dividends of $35,320 were paid in 2020. New equipment was purchased and none was sold.