Terps Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented
below. December 31, 2021 2020 Assets Cash $ 440,000 $ 200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments 400,000 600,000 Plant assets 3,400,000 2,000,000 Accumulated depreciation (900,000) (900,000) Patent 180,000 200,000 Total assets $6,520,000 $4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1,660,000 $1,440,000 Notes payable (nontrade) 580,000 — Common stock, $10 par 1,600,000 1,400,000 Additional paid-in capital 800,000 500,000 Retained earnings 1,880,000 980,000 Total liabilities and stockholders' equity $6,520,000 $4,320,000 Information relating to 2021 activities: Net income for 2021 was $1,500,000. Cash dividends of $600,000 were declared and paid in 2021. Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2021 for $360,000. A long-term investment was sold in 2021 for $320,000. There were no other transactions affecting long-term investments in 2021. 20,000 shares of common stock were issued in 2021 for $25 a share. Short-term investments consist of treasury bills maturing on 6/30/22. Net cash provided by 2021 financing activities was
