cash 625 760 00 585 920 00 4 accounts receivable net 227 840 00 208 960 00 5 invento 1551926

Cash	$625,760.00	$585,920.00
4	Accounts receivable (net)	227,840.00	208,960.00
5	Inventories	641,760.00	617,120.00
6	Investments	0.00	240,000.00
7	Land	328,000.00	0.00
8	Equipment	705,120.00	553,120.00
9	Accumulated depreciation-equipment	(166,400.00)	(148,000.00)
10	Total assets	$2,362,080.00	$2,057,120.00
11	Liabilities and Stockholders’ Equity
12	Accounts payable (merchandise creditors)	$424,480.00	$404,960.00
13	Accrued expenses payable (operating expenses)	42,240.00	52,640.00
14	Dividends payable	24,000.00	19,200.00
15	Common stock, $4 par	150,000.00	100,000.00
16	Paid-in capital: Excess of issue price over par—common stock	417,500.00	280,000.00
17	Retained earnings	1,303,860.00	1,200,320.00
18	Total liabilities and stockholders’ equity	$2,362,080.00	$2,057,120.00

Additional data obtained from an examination of the accounts in the ledger for 2016 are as follows:

A.	The investments were sold for $280,000 cash.
B.	Equipment and land were acquired for cash.
C.	There were no disposals of equipment during the year.
D.	The common stock was issued for cash.
E.	There was a $199,540 credit to Retained Earnings for net income.
F.	There was a $96,000 debit to Retained Earnings for cash dividends declared.