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Condensed financial data of Cheng Inc. follow CHENG INC. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2017 2016 $106,600 $47,300 32,800 101,500 25,000 114,600 241,800 (46,400) (52,900) $701,400 $510,100 92,500 112,800 29,600 141,000 265,300 Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $112,000 $67,500 17,300 149,200 175,100 101,000 $701,400 $510,100 16,200 114,500 220,500 238,200 Total CHENG INC Income Statement For the Year Ended December 31, 2017 Sales revenue $391,400 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $134,800 11,800 30,500 26,700 4,200 7,500 215,500 $175,900 Net income