Zoom Company's comparative balance sheets for 2021 and 2020 are provided below. Zoom Company Statement of Financial Position Assets Cash Accounts Receivable Inventory Land Equipment December 3 2021 2020 $29,000 $ 12,000 53,000 62,500 77,000 59,000 30,000 0 102.000 (24.000) 81,000 (14,000) $267.000 $ 200,500 Accumulated depreciation-equipment Total assets Liabilities and Equity Accounts Payable 30.300 44,800 Income tax payable 4.200 3,700 Long-term notes payable 62.000 12,000 Share capital 105.000 75,000 Retained earnings 59.500 35,000 Total liabilities and equity $ 267.000 $ 200,500 The following additional information is available N Net income for the year 2021 was $53,000. Dividends of $28,500 were declared and paid. The company issued ordinary shares to acquire a land valued at $30,000. Equipment that cost $9,000 and had a carrying amount of $2,000 was sold during the year for $3,300