The condensed financial statements of Sunland Company for the years 2020-2021 are presented below: Sunland Company Comparative Balance Sheets As of December 31, 2020 and 2021 2021 Cash $571,000 2020 $198,500 Accounts receivable (net) 518,000 414,000 Inventories 575,000 501,000 Plant and equipment 2,690,000 1,603,000 Accumulated depreciation (394,000 ) (223,000 ) $3,960,000 $2,493,500 Accounts payable $501,000 $241,000 Dividends payable -0- 67,500 Bonds payable 612,000 -0- Common stock ($10 par) 2,227,000 1,773,000 Retained earnings 620,000 412,000 $3,960,000 $2,493,500 Additional data: Market value of stock at 12/31/21 is $80 per share. Sunland sold 49,000 shares of common stock at par on July 1, 2021.