West Point Lighthouse Corporation Comparative Balance Sheet Information December 31 2019 2018 Cash $75,495 $44,520 Accounts Receivable 27,195 32,550 Merchandise Inventory 245,490 195,825 Equipment 147,630 107,100 Accumulated Depreciation 67,620 42,840 Accounts Payable 53,865 49,875 Income Taxes Payable 6,300 9,450 Common Shares 289,800 231,000 Retained Earnings 78,225 46,830 Additional information: 1. Equipment was purchased using $40,530 cash. 2. Issued 4,200 common shares for cash at $14 per share. 3. Declared and paid $92,400 of cash dividends during the year. 4. Net income for the year $123,795. 5. Depreciation expense $24,780.