Blake Weaver, Sheridan 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, Sheridan sold a piece of equipment with an original cost of $25,030 for $30,630 cash. The equipment had a book value of $13,880.

On February 1, 2016, Sheridan issued $110,770 of common stock to raise cash in anticipation of the purchase of a new building later in the year.

On February 2, 2016, Sheridan took out a ten-year $76,310 long-term loan to provide the remaining funds needed to purchase the building.

On May 15, 2016, Sheridan paid $155,480 for the new building.

The company repaid $4,780 of the long-term debt before the end of the year.

Sheridan Enterprises Income Statement For the Year Ended December 31, 2016 Sales revenue Gain on equipment sale $1,076,700 16,750 1,093,450 709,700 Total revenue Cost of goods sold Operating expenses Depreciation expense 30,970 Interest expense Wages expenses Other expenses 7,550 175,980 16,040 230,540 153,210 63,640 $ 89,570 Income before taxes Tax expense Net income Sheridan Enterprises Comparative Balance Sheets As of December 31, 2016 2016 2015 Cash Accounts receivable, net Inventory $128,700 $41,800 287,260 270,720 125,300 95,350 541,260 407,870 303,800 162,200 93,670 62,700 210,130 99,500 $ 751,390 $ 507,370 $ 151,390 $ 175,790 17,640 21,090 Total current assets Property, plant, & equipment Accumulated depreciation Net property, plant, & equipment Total assets Accounts payable Taxes payable Mortgage payable 71,530 Total liabilities Common stock Retained earnings 240,560 196,880 361,870 251,100 148,960 59,390 510,830 310,490 Total liabilities & stockholders' equity $ 751,390 $ 507,370 Total stockholders' equity