A comparative balance sheet for Mann Company appears below:

MANN COMPANY

Comparative Balance Sheet

Dec. $31,2011$ Dec. $31,2010$

Assets

Cash $ $27,000$ $$10,000$

Accounts receivable $18,00014,000$

Inventory $25,00018,000$

Prepaid expenses $6,0009,000$

Long$-$term investments $018,000$

Equipment $60,00032,000$

Accumulated depreciation$$equipment $(20,000)(14,000)$

Total assets $$116,000$ $$87,000$

Liabilities and Stockholders' Equity

Accounts payable $ $17,000$ $ $7,000$

Bonds payable $37,00047,000$

Common stock $40,00023,000$

Retained earnings $22,00010,000$

Total liabilities and stockholders' equity $$116,000$ $$87,000$

Additional information:

$1.$ Net income for the year ending December $31,2011$ was $$27,000.$

$2.$ Cash dividends of $$15,000$ were declared and paid during the year.

$3.$ Long$-$term investments that had a cost of $$18,000$ were sold for $$14,000.$

$4.$ Sales for $2011$ were $$120,000.$