152. The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form:
YearYear
2011 2010
Cash$ 53,000$ 50,000
Accounts receivable (net)37,00048,000
Inventories108,500100,000
Investments.....70,000
Equipment573,200450,000
Accumulated depreciation-equipment(142,000)(176,000)
$629,700$542,000
Accounts payable$ 62,500$ 43,800
Bonds payable, due 2011.....100,000
Common stock, $10 par325,000285,000
Paid-in capital in excess of par--
common stock80,00055,000
Retained earnings162,20058,200
$629,700$542,000
The income statement for the current year is as follows: