The comparative balance sheets for Lopez Tools, Inc., for December 31, 2010 and 2009, are at the…

The comparative balance sheets for Lopez Tools, Inc., for December 31, 2010 and 2009, are at the top of the next page. During 2010, the company had net income of $48,000 and building and equipment depreciation expenses of $40,000 and $30,000, respectively. It amortized intangible assets in the amount of $10,000; purchased investments for $58,000; sold investments for $75,000, on which it recorded a gain of $17,000; issued $120,000 of longterm bonds at face value; purchased land and a warehouse through a $160,000 mortgage; paid $20,000 to reduce the mortgage; borrowed $30,000 by issuing notes payable; repaid notes payable in the amount of $90,000; declared and paid cash dividends in the amount of $18,000; and purchased treasury stock in the amount of $10,000.

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