ARDUOUS COMPANY* Comparative Balance Sheets December 31 , 2018 and 2017 ($ in millions ) ARDUOUS COMPANY" 2018 2017 { Income Statement Assets For Year Ended December 3 1 , 2018 Cash $ 130 5 BB ` IS in millions )| Accounts receivable* 197 20B Revenues and gain * $ 460 Investment revenue receivable* 16 1 1 Sales revenue 22 Inventory* 212 207 Investment revenue* $ 487\\ Prepaid insurance 14 21 Gain on sale of treasury bills Long - term investment 180 132 Expenses and loss : 187 Land 210 157 Cost of goods sold Buildings and equipment 428 414 Salaries Expense Less : Accumulated depreciation\\ ( 104) ( 134) Depreciation expense* Patent 42 Patent amortization expense \\DO`` GUINO $1, 319 $ 1, 146 Insurance expense Bond interest expense Liabilities Loss on machine damage Accounts payable* 79 Income tax expense 405 15 Salaries payable* 15 23 Net income 81 Bond interest payable* 18 1 1 Income tax payable* 19 24 Deferred income tax liability 25 15 Notes payable 26 O 68 Lease liability* Bonds payable* 222 289 Less : Discount on bonds ( 29) (32 ) Shareholders' Equity* Common stock 451 417 Paid - in capital - excess of par 109 92 Preferred stock 85 Retained earnings 247 228 Less: Treasury stock ( 16 ) $1, 319 $1, 146