Larkspur inc. had the following balance sheet at december 31, 2019.larkspur inc. balance sheetdecember 31, 2019cash $25,290 accounts payable $35,290accounts receivable 26,490 notes payable (long-term) 46,290investments 37,290 common stock 105,290plant assets (net) 81,000 retained earnings 28,490land 45,290 $215,360$215,360during 2020, the following occurred.1. larkspur inc. sold part of its debt investment portfolio for $19,143. this transaction resulted in a gain of $7,543 for the firm. the company classifies these investments as available-for-sale.2. a tract of land was purchased for $18,290 cash.3. long-term notes payable in the amount of $20,143 were retired before maturity by paying $20,143 cash.4. an additional $24,143 in common stock was issued at par.5. dividends of $12,343 were declared and paid to stockholders.6. net income for 2020 was $37,290 after allowing for depreciation of $15,143.7. land was purchased through the issuance of $40,290 in bonds.8. at december 31, 2020, cash was $42,290, accounts receivable was $46,890, and accounts payable remained at $35,290.