Following is the balance sheet of Rundle Company for Year 3: RUNDLE COMPANY
Balance sheet
Assets
Cash $ 15,450
Marketable securities 7,860
Accounts receivable 13,040
Inventory 11,150
Property and equipment 169,000
Accumulated depreciation (12,800 )
Total assets $ 203,700
Liabilities and Stockholders’ Equity
Accounts payable $ 8,540
Current notes payable 3,960
Mortgage payable 4,500
Bonds payable 21,840
Common stock 113,700
Retained earnings 51,160
Total liabilities and stockholders’ equity $ 203,700

The average number of common stock shares outstanding during Year 3 was 860 shares. Net income for the year was $14,100.