The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: December 31, 20Y9 Cash Accounts receivable (net) Inventories Investments Land Assets Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity $266,250 96,450 272,290 0 139,660 300,410 (70,330) $1,004,730 $181,860 18,090 10,050 e. There was a $67,450 credit to Retained Earnings for net income. f. There was a $41,130 debit to Retained Earnings for cash dividends declared. Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $119,800 cash. d. The common stock was issued for cash. 54,260 203,960 536,510 $1,004,730 December 31, 20Y8 $248,530 89,260 264,290 102,390 0 233,660 (63,010) $875,120 $172,400 22,750 7,880 42,880 119,020 510,190 $875,120
