In: Accounting
3020 Corp.'s balance sheet accounts as of December 31, 2020 and 2019 and information relating to 2020 activities are presented below.
December 31
2020 2019
Assets
Cash $1,040,000 $ 200,000
Accounts receivable (net) 1,000,000 1,020,000
Inventory 1,300,000 1,200,000
Long-term investments(carried at cost) 400,000 600,000
Plant assets 3,400,000 2,000,000
Accumulated depreciation (800,000) (900,000)
Patent 180,000 200,000
Total assets $6,520,000 $ 4,320,000
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities $1,660,000 $1,440,000
Notes payable 580,000 —
Common stock, $10 par 1,600,000 1,400,000
Additional paid-in capital 800,000 500,000
Retained earnings 1,880,000 980,000
Total liabilities and stockholders' equity $6,520,000 $4,320,000
Information relating to 2020 activities:
Be certain that you have justified and accounted for all the changes in the account line items.