During 2016, Young Company had the following transactions:
a. Cash dividends of $10,000 were paid.
b. Equipment was sold for $4,800. It had an original cost of $18,000 and a book value of $9,000. The loss is included in operating expenses.
c. Land with a fair market value of $25,000 was acquired by issuing common stock with a par value of $6,000.
d. One thousand shares of preferred stock (no par) were sold for $7 per share.
Young provided the following income statement (for 2016) and comparative balance sheets:
Sales...............................................$ 246,000
Less: Cost of goods sold........................(150,000)
Gross margin.......................................$ 96,000
Less: Operating expenses...........................(66,000)
Net income...........................................$ 30,000

Required:
Prepare a worksheet for Young Company.

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Young Company Comparative Balance Sheets At December 31, 2015 and 2016 2015 2016 Assets Cash Accounts receivable Inventory Plant and equipment Accumulated depreciation Land S 54.000 33.000 48.000 78.000 (39,000) 15.000 111.000 36.800 33,000 60,000 (6,000) 40,000 $244.800 Total assets Liabilities and stockholders' equity Accounts payable Wages payable Bonds payable Preferred stock (no par) Common stock Paid-in capital in excess of par Retained earnings S 24.000 3,000 18,000 3,000 30,000 30.000 81,000 S189,000 S 36,000 1,800 I 1.000 10,000 36,000 49.000 101.000 $244800 Total lia bilities and stock holders equity