Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also s provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 in 000s) 2016 2015 Assets 580 370 Cash Accounts receivable 370 nventory 860 440 Land 700 670 Building 900 900 Less: Accumulated depreciation 200 60 Equipment 3,400 3,230 Less: Accumulated depreciation 343 300 Patent 800 2,100 8,407 7,620 Liabilities Accounts payable 960 710 Accrued expenses payable 330 260 Lease liability-land 50 Shareholders' Equity Common stock 3,680 3,500 800 740 Paid-in capital-- excess of par Retained earnings 2,487 2,410 8,407 $7,620 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2016 in 000s) Revenues Sales revenue 3,13 80 3,211 Gain on sale of land Expenses Cost of goods sold 60 Depreciation expense-building 40 Depreciation expense 664 equipmen Loss on sale of equipment 25 Amortization of patent 300 Operating expenses 350 2,539 Net income 672 Additional information from the accounting records. a. During 2016, equipment with a cost of $690,000 (90% depreciated) was sold. b. The statement of shareholders' equity reveals reductions of $240,000 and $355,000 for stock dividends and cash dividends, respectively