The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows: Dec.

The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows:

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Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash . . . . Accounts receivable (net)... . 300,600 704,400 918,600 18,600 990,000 337,800 609,600 865,800 26,400 1,386,000 $1,980,000 (397,200) 660,600 (133,200) $5,042,400 $ 990,000 (366,000) 529,800 (162,000) $4,217,400 Liabilities and Stockholders'Equity 594,000 26,400 330,000 320,000 950,000 2,822,000 $5,042,400 Accounts payable... . Income taxes payable 631,200 21,600 0 180,000 810,000 Common stock, $20 par.... Paid-in capital: Excess of issue price over par-common stock $4,217,400 ACCOUNT Land ACCOUNT NO. Balance Date DebitCredi Debit Credit 20Y2 Jan. Balance Apr 20 Realized $456,000 cash 1,386,000 from sale 396,000990,000 ACCOUNT Buildings ACCOUNT NO. Balance Date Item DebitCredi Debit Credit 20Y2 JanBalance Apr 20 Acquired for cash 990,000 1,980,000 990,000 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date DebitCredi Debit Credit 20Y2 JanBalance Dec. 31 Depreciation for year 366,000 397,200 31,200 ACCOUNT Equipment ACCOUNT NO. Balance Date Item DebitCredi Debit Credit 20Y2 529,800 66,000463,800 660,600 JanBalance 26 Discarded, no salvage Aug. 11 Purchased for cash 196,800 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Item DebitCredi Debit Credit 20Y2 1 Balance 162,000 96,000 133,200 Hart 26 Equipment discarded Dec. 31 Depreciation for year 66,000 37,200 ACCOUNT Bonds Payable ACCOUNT NO. Balance Item DebitCredi Debit Credit 20Y2 1ssued 20-year bonds 330,000 330,000 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item DebitCredi Debit Credit 20Y2 Jan. Balance Dec. 7 Issued 7,000 shares of common 180,000 stock for $40 per share 140,000 320,000 ACCOUNT Pald-In Capital in Excess of Par -Comnon Stock ACCOUNT NO. Balance Date Item DebitCredi Debit Credit 20Y2 Jan. Balance Dec. 7 Issued 7,000 shares of common 810,000 stock for $40 per share 140,000 950,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item DebitCredi Debit Credit 20Y2 Jan. Balance Dec. 31 Net income Hart 2,574,600 2,901,200 2,822,000 326,600 31 Cash dividends 79,200