The balance sheet data of Novak Company at the end of 2025 and 2024 follow. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings 2025 $29,900 55,400 64,800 15,100 89,600 (17,920) 70.100 $64.400 15,200 -0- 29.900 189.300 8,180 2024 $306.980 $35,100 $306,980 $256.700 45,100 44,700 24,700 74,700 (8,000) 40,400 $52.400 18,100 22,800 -0- 159,600 3,800 $256,700 Land was acquired for $29,700 in exchange for common stock, par $29,700, during the year: all equipment purchased was for cash. Equipment costing $13,200 was sold for $3,000; book value of the equipment was $6,000. Cash dividends of $10,000 were declared and paid during the year.
The balance sheet data of Novak Company at the end of 2025 and 2024 follow. Land was acquired for $29.700 in exchange for common stock, par \$29,700, during the year all equipment purchased was for cash and paid during the vear 
