2016 2015 Current Assets: Cash $102,700 $20,000 63,500 69,500 Accounts Receivable Merchandise Inventory 85,000 80,000 Current Liabilities: Accounts Payable $57,900 $56,000 Income Tax Payable 14,400 17,000 Transaction Data for 2016: Issuance of common Payment of notes payable $42,100 $42,000 stock for cash Payment of cash Depreciation expense 25,000 52,000 dividends Purchase of equipment Issuance of notes payable 73,000 60,000 with cash to borrow cash Acquisition of land by issuing long-term notes payable Gain on sale of building 118,000 4,000 Book value of building 53,000 Net income 69,500 sold