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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