The following information is provided for the Waif Corporation. Balance Sheets December 31, 20xx December 31, 20XW Assets Cash Accounts receivable Inventory $54,500 $17,400 64,800. 52,200 142,200 149,300 Land 60,000 87,000 Plant and equipment 206,000 158,000 Less: Accumulated depreciation 55,000 33,000 Net plant and equipment 151,000 125,000 Total assets $472,500 $430,900 Liabilities and Equity Accounts payable $27,000 37,000 Bonds payable 118,000 158,000 Common stock 170,000 130,000 Retained earnings 157,500 105,900 Total liabilities and shareholders' equity $472,500 $430,900 During 20XX, the following occurred: 1. Net income was $91,000. 2. Bonds were retired by issuing new common stock. 3. No equipment was sold. 4. Cash dividends were paid.