Net Income: Comparative Balance Sheet

Assets ...................................................Dec 31, 2013.......... Dec 31, 2012
Cash..............................................................$294....................... $96
Accounts receivable........................................168.........................120
Inventories.......................................................105..........................66
Land.................................................................240........................270
Equipment........................................................135.........................105
Accumulated depreciation - equipment.............(36).......................(18)
Total.................................................................$906.....................$639

Liabilities and Stockholder's Equity
Accounts Payable..............................................$105........................$96
Dividends payable................................................18
Common Stock, $10 par.......................................60...........................30
Paid-in Capital in excess of par - common stock..150..........................75
Retained earnings.................................................573.......................438
Total.....................................................................$906....................$639

The following additional information is taken from the records:
A. Land was sold for $75
B. Equipment was acquired for cash
C. There were no disposals of equipment during the year
D. The common stock was issued for cash
E. There was a $195 credit to Retained Earnings for net income.
F. There was a $60 debit to Retained Earning for cash dividends declared.