Sweet Inc., a greeting card company, had the following statements prepared as of December 31,...

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SWEET INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
	12/31/20		12/31/19
Cash	$6,000		$6,900
Accounts receivable	62,500		50,900
Short-term debt investments (available-for-sale)	35,200		17,900
Inventory	40,300		59,500
Prepaid rent	4,900		4,100
Equipment	153,100		129,600
Accumulated depreciationequipment	(35,200	)	(24,700	)
Copyrights	45,600		50,500
Total assets	$312,400		$294,700

Accounts payable	$45,500		$40,000
Income taxes payable	4,000		6,100
Salaries and wages payable	8,000		3,900
Short-term loans payable	8,000		9,900
Long-term loans payable	59,400		68,800
Common stock, $10 par	100,000		100,000
Contributed capital, common stock	30,000		30,000
Retained earnings	57,500		36,000
Total liabilities & stockholders equity	$312,400		$294,700

SWEET INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020
Sales revenue		$337,300
Cost of goods sold		174,000
Gross profit		163,300
Operating expenses		119,100
Operating income		44,200
Interest expense	$11,600
Gain on sale of equipment	1,900	9,700
Income before tax		34,500
Income tax expense		6,900
Net income		$27,600

1.		Dividends in the amount of $6,100 were declared and paid during 2020.
2.		Depreciation expense and amortization expense are included in operating expenses.
3.		No unrealized gains or losses have occurred on the investments during the year.
4.		Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2020.