A comparative statement of financial position for Hartman Corporation is presented below: HARTMAN CORPORATION Comparative statement of financial position Dec 31, 2017 Dec 31, 2016 Assets Land 18,000 40,000 Equipment 70,000 60,000 Accumulated depreciation (20,000) (13,000) Prepaid insurance 25,000 17,000 Accounts receivable (net) 80,000 80,000 Cash 38.000 31.000 Total Assets $209,000 $195.000 Equity and Liabilities Share capital-ordinary $140,000 $115,000 Retained earnings 31.000 55,000 Bonds payable 27,000 19,000 Accounts payable 11,000 6.000 Total equity and liabilities $209,000 $195.000 Additional information: 1. Net loss for 2017 is $15,000. 2. Cash dividends were declared and paid in 2017 3. Land was sold for cash at a loss of $7,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $12,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for ordinary shares. The fair value of the shares at the time of the exchange was $25,000