1. Complete the December 31, 2016 (first year of operation) Balance sheet for Lincoln Company using the following information: (a) Retained earnings at December 31, 2016 was $51,000. (b) Total stockholders equity at January 1, 2016 was $139,000. (c) On December 30, 2016, additional capital stock was sold for cash, $55,000 (d) The land and building were purchased on December 30, 2016 for $150,000.

Lincoln Company Balance Sheet December 31, 2016
Assets			Liabilities & Stockholders Equity
Cash	$ 80,000			Liabilities:
Accounts receivable	?			Notes payable	?
Land	112,000			Accounts payable	45,000
Buildings	?			Total liabilities	?
Equipment	30,000			Stockholders equity:
				Capital Stock	?
				Retained earnings	?
				Total liabilities and
Total assets	$			stockholders equity	$ 390,000