Willingham Corporation’s comparative balance sheets are presented below.

 

WILLINGHAM CORPORATION
Comparative Balance Sheets

 

 

December 31 2011

December 31 2010

Cash

$14,190

$10,830

Accounts receivable

$21,040

$23,380

Land

20,880

26,210

Building

70,180

70,180

Accumulated depreciation

 (15,170)

(10,340)

Total

111,120

120,260

Accounts payable

$12,190

$31,170

Common stock

75,000

68,870

Retained earnings

23,930

20,220

Total

$111,120

$120,260

Additional information:

 

 

Net income was $22,890. Dividends declared and paid were $19,180.

All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,800.