Answer Happy

Zoom Company's comparative balance sheets for 2021 and 2020 are provided below. Zoom Company Sabement of Financial Position December H 2021 Assets Cash 2020 12,000 $ 29,000 11 Accounts Receivable 53,000 62,500 Inventory 77,000 59,000 Land 30,000 0 Equipment 102.000 81,000 Accumulated depreciation-equipment (24.000) (14,000) Total assets $267,000 $ 200,500 Liabilities and Equity Accounts Payable 36.300 44,800 Income tax payable 4.200 3.700 Long-term notes payable 62.000 42,000 Share capital 105.000 75,000 Retained earnings 59.500 35.000 Total liabilities and equily $267.000 $ 200.500 The following additional information is available: Net income for the year 2021 was $53,000. Dividends of $28,500 were declared and paid. The company issued ordinary shares to acquire a land valued at $30,000. Equipment that cost $9,000 and had a carrying amount of $2,000 was sold during the year for $3,300.