Answer questions 51 - 60 using these financial statements shown below. Blues Company Comparative Balance Sheets December 31 20X8 20X7 Cash $ 36,000 $ 24,000 Accounts receivable, net 30,000 32,000 Inventory 120,000 73,000 Prepaid Rent 6,000 15,000 Land 120,000 190,000 Building 200,000 200,000 Accumulated depreciation (50,000) (40,000) Equipment 1,030,000 600,000 Accumulated depreciation (118,000) (94,000) Totals $1,374,000 $1,000,000 Accounts payable $ 106,000 $ 93,000 Rent payable 3,000 2,000 Dividends payable 7,000 1,000 Income taxes payable 11,000 3,000 Deferred taxes 3,000 1,000 Bonds payable 303,000 -0- Capital stock, $10 par 760,000 720,000 Retained earnings 197,000 180,000 Treasury stock (16,000) -0- Totals $1,374,000 $1,000,000 Blues Company Sales -Cost of Goods Sold - Depreciation Expense - Rent Expense + Gain on Sale of Land - Loss on Sale of Equipment - Tax Expense =Net Income Additional Data: Income Statement For the Year Ended December 31, 20X8 $443,000 (160,000) (106,000) (34,000) 3,000 ( 9,000) (49,000) $88,000 Land was sold. Equipment costing $120,000 with accumulated depreciation of $72,000 was sold. Cash dividends were declared and paid.