The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2014 and 2013, with a column showing the increase (decrease) from 2013 to 2014. COMPARATIVE BALANCE SHEETS 2014 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets $814,580 1,127,500 1,850,200 3,306,400 (1,164,300 ) 309,670 249,820 $6,493,870 2013 $700,730 1,168,300 1,715,100 2,966,000 (1,039,400 ) 275,980 Increase (Decrease) $113,850 (40,800 ) 135,100 340,400 (124,900 ) 33,690 249,820 $707,160 $5,786,710 $954,400 49,750 99,670 $61,100 (19,450 ) (19,860 ) 399,480 Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $1,015,500 30,300 79,810 399,480 500,000 1,499,400 2,969,380 $6,493,870 500,000 1,499,400 2,683,490 $5,786,710 285,890 $707,160 Additional information: 1. On December 31, 2013, Sullivan acquired 25% of Myers Co.'s common stock for $275,980. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,103,920. Myers reported income of $134,760 for the year ended December 31, 2014. No dividend was paid on Myers's common stock during the year. 2. During 2014, Sullivan loaned $300,580 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $50,760, plus interest at 10%, on December 31, 2014. 3. On January 2, 2014, Sullivan sold equipment costing $59,080, with a carrying amount of $36,590, for $39,820 cash. 4. On December 31, 2014, Sullivan entered into a capital lease for an office building. The present value of the annual rental payments is $399,480, which equals the fair value of the building. Sullivan made the first rental payment of $60,380 when due on January 2, 2015. 5. Net income for 2014 was $365,700. 6. Sullivan declared and paid cash dividends for 2014 and 2013 as shown below. 2014 Declared Paid Amount December 15, 2014 February 28, 2015 $79,810 2013 December 15, 2013 February 28, 2014 $99,670 365,700 T Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation -124,900 Gain on Sale of Equipment AAAAAAAA Decrease in Accounts Receivable Increase in Inventory Increase in Accounts Payable DED Decrease in Income Taxes Payable pecrease Net Cash Provided by Operating Activities Cash Flows from Investing Activities TT Loss on Sale of Equipment Tloan to TLC Co. Principal Payment of Loan Receivable TNet Cash Used by Investing Activities TCash Flows from Financing Activities Dividends Paid T Net Cash Used by Financing Activities et ce Net Increase in Cash Cash, January 1, 2014 Cash, December 31, 2014 Noncash Investing and Financing Activities nonce Issuance of Capital Lease Liability for Office Building