26 Condensed financial data of Flounder SA follow. FLOUNDER SA Comparative Statements of Financial Position December 31 Assets Equipment Accumulated depreciation-equipment Long-term investments Prepaid expenses Inventory Accounts receivable Cash Total 2017 2016 264,670 241,960 (47,510) (51,650) 139,060 113,740 29,780 25,800 112,780 102,230 92,990 33,590 119,900 47,810 711,670 513,480 Equity and Liabilities Share capital-ordinary 219,790 174,550 Retained earnings 252,340 103,720 Bonds payable 111,910 149,990 Accounts payable 111,590 67,990 Accrued expenses payable 16,040 17,230 Total 711,670 513,480 FLOUNDER SA Income Statement For the Year Ended December 31, 2017 Sales revenue Gain on disposal of plant assets 391,840 5,690 397,530 Less: Cost of goods sold 135,520 Operating expenses, excluding depreciation 12,350 Depreciation expense 46,360 Income tax expense 26,150 Interest expense 4,560 224,940 Net income 172,590 Additional information: 1. New equipment costing C80,320 was purchased for cash during the year. 2. Old equipment having an original cost of 57,610 and accumulated depreciation of 50,500 was sold for 12,800 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of 23,970 was declared and paid during the year