31-Dec-17	31-Dec-16
Accounts receivable (net)	275,000	196,500
Accumulated Depreciation	300,000	200,000
Additional Paid in Capital-Common	600,000	400,000
Administrative expenses	371,000	475,000
Bond payable, 10% due 2025	500,000	500,000
Cash	162,000	120,000
Common stock, $2 par	200,000	100,000
Cost of goods sold	1,550,000	1,420,500
Current liabilities	267,000	268,000
Depreciation Expense	100,000	100,000
Dividends on common stock	40,000	40,000
Dividends on preferred stock	12,500	12,500
Gain on Sale of Land	125,000	0
Income tax expense	168,000	118,750
Inventories	417,000	132,500
Long-term investments	299,500	250,000
Temporary Investments	387,000	67,500
Mortgage note payable, 9%, due 2030	600,000	0
Other expense (interest)	98,000	50,000
Other income	48,000	47,500
Preferred $2.00 stock, $50 par	500,000	500,000
Prepaid expenses	27,500	30,000
Property, plant, and equipment	2,775,000	2,100,000
Retained earnings, 1/1	928,500	781,500
Sales	3,415,000	3,062,500
Sales returns and allowances	35,000	22,500
Selling expenses	726,000	723,750
Treasury Stock	40,000	0
In addition to the information above, you also need to know the following:
1) The long-term investments were purchased at cost.
2) The land that was sold had originally cost $325,000 and was sold for $490,000 Cash,
3) Treasury Stock, 5000 shares, were purchased in 2017 for $40,000
4) 20,000 shares of common stock were issued in 2017 at a price of $15 per share Create a Statement of Retained Earnings for both years