Cash $75,700 $64,200

Accounts Receivable (net) 70,500 79,350

Inventories 99,500 87,500

Equipment 390,000 350,000

Accumulated Depreciation (150,000) (160,000)

TOTAL= 485,700 421,050

Accounts Payable – Trade 52,750 47,750

Cash Dividends Payable 10,000 12,500

Common Stock, $5 par 225,000 200,000

Premium on common stock 120,000 100,000

retained earnings 77,950 60,800

TOTAL= 485,700 421,050

The following additional data was obtained from the accounting records:

1. Equipment costing $90,000 was purchased for cash

2. Equipment costing $50,000 with accumulated depreciation of $35,000 was sold for $10,000

3. common stock was issued for cash

4. there was a $47,150 credit to retained earnings for net income.

5. there was a $30,000 debit to retained earnings for cash dividends declared.