Blake Weaver, Blossom Enterprises controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information:

On December 31, 2016, Blossom sold a piece of equipment with an original cost of $25,590 for $30,230 cash. The equipment had a book value of $13,260.

On February 1, 2016, Blossom issued $87,460 of common stock to raise cash in anticipation of the purchase of a new building later in the year.

On February 2, 2016, Blossom took out a ten-year $76,730 long-term loan to provide the remaining funds needed to purchase the building.

On May 15, 2016, Blossom paid $136,960 for the new building.

The company repaid $4,860 of the long-term debt before the end of the year.

Blossom Enterprises Income Statement For the Year Ended December 31, 2016 $ 1,077,800 16,970 1,094,770 708,000 Sales revenue Gain on equipment sale Total revenue Cost of goods sold Operating expenses Depreciation expense 30,610 Interest expense Wages expenses Other expenses 7,550 175,560 16,240 229,960 156,810 63,690 $ 93,120 Income before taxes Tax expense Net income Blossom Enterprises Comparative Balance Sheets As of December 31, 2016 2016 2015 Cash Accounts receivable, net Inventory $ 127,900 44,200 287,970 270,570 126,400 95,400 542,270 410,170 298,700 175,000 93,810 63,200 204,890 111,800 $ 747,160 $521,970 $ 151,450 175,160 17,610 21,160 Total current assets Property, plant, & equipment Accumulated depreciation Net property, plant, & equipment Total assets Accounts payable Taxes payable Mortgage payable 71,870 240,930 196,320 337,660 250,200 168,570 75,450 506,230 325,650 Total liabilities & stockholders' equity 747,160 521,970 Total liabilities Common stock Retained earnings Total stockholders equity