• The investments were sold for $280,000 cash.
• Equipment was acquired for $152,000 cash.
• Land was acquired for $326,000 cash.
• There were no disposals of equipment during the year.
• 12,500 shares of common stock were sold for cash during the year.
• There was a $96,000 debit to Retained Earnings for cash dividends declared.

Championship Boxing, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8
Cash flows from (used for) operating activities:
Net income	$186,540
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation	18,400
Gain on sale of investments	(50,000)
Changes in current operating assets and liabilities:
Increase in accounts receivable	(25,370)
Increase in inventories	(33,450)
Increase in accounts payable	41,100
Decrease in accrued expenses payable	(12,470)
Net cash flow from operating activities			$124,750
Cash flows from (used for) investing activities:
Cash received from sale of investments	$280,000
Cash paid for purchase of land	(326,000)
Cash paid for purchase of equipment	(152,000)
Net cash flow used for investing activities			(198,000)
Cash flows from (used for) financing activities:
Cash received from sale of common stock	$187,500
Cash paid for dividends	(91,200)
Net cash flow from financing activities			96,300
Net increase in cash			$23,050
Cash balance, January 1, 20Y8			585,920
Cash balance, December 31, 20Y8			$608,970

Balance Sheet

Using the information on above, complete the following comparative balance sheet.

Championship Boxing, Inc. Comparative Balance Sheet December 31, 20Y8 and 20Y7
	20Y8			20Y7
Assets
Cash		$fill in the blank 1			$585,920
Accounts receivable (net)		230,950			fill in the blank 2
Inventories		fill in the blank 3			618,420
Investments		0			fill in the blank 4
Land		fill in the blank 5			0
Equipment		705,120			fill in the blank 6
Accumulated depreciation-equipment		(166,400)			fill in the blank 7
Total assets		$fill in the blank 8			$fill in the blank 9
Liabilities
Accounts payable (merchandise creditors)		$fill in the blank 10			$391,830
Accrued expenses payable (operating expenses)		41,150			fill in the blank 11
Dividends payable		fill in the blank 12			19,200
Total liabilities		$498,080			$fill in the blank 13
Stockholders' Equity
Common stock, $4 par		$fill in the blank 14			$100,000
Paid-in capital in excess of par		fill in the blank 15			280,000
Retained earnings		fill in the blank 16			fill in the blank 17
Total stockholders' equity		$1,858,430			$fill in the blank 18
Total liabilities and stockholders' equity		$fill in the blank 19			$fill in the blank 20