A list of accounts for Maple Inc. at December 31, 2016, follows: Accounts Receivable Advertising Expense Buildings and Equipment, Net Capital Stock Cash Depreciation Expense Dividends Income Tax Expense Income Tax Payable Interest Receivable Inventory: January 1, 2016 December 31, 2016 $ 2,359 $ 4,510 $ 55,550 $ 50,000 $ 590 $ 2,300 $ 6,000 $ 3,200 $ 3,200 $ 100 Land Net purchases Retained Earnings, January 1, 2016 Salaries Expense Salaries Payable Net sales Transportation-In Utilities Expense $ 20,000 $ 39,400 $ 32,550 $ 25,600 $ 650 $ 83,584 $ 375 $ 3,600 $ $ 6,400 7,500 Required: 1. Determine cost of goods sold for 2016 2. Determine net income for 2016 3. Prepare a balance sheet dated December 31, 2016