Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s)
	2018				2017
Assets
Cash	$	550			$	340
Accounts receivable		690				360
Inventory		840				435
Land		650				600
Building		900				900
Less: Accumulated depreciation		(300	)			(265	)
Equipment		3,350				3,170
Less: Accumulated depreciation		(502	)			(460	)
Patent		1,700				1,950
	$	7,878			$	7,030
Liabilities
Accounts payable	$	940			$	790
Accrued expenses payable		320				255
Lease liabilityland		130				0
Shareholders' Equity
Common stock		3,660				3,500
Paid-in capitalexcess of par		800				725
Retained earnings		2,028				1,760
	$	7,878			$	7,030

METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in 000s)
Revenues
Sales revenue	$	3,224
Gain on sale of land		75		$	3,299
Expenses
Cost of goods sold	$	1,140
Depreciation expensebuilding		35
Depreciation expenseequipment		636
Loss on sale of equipment		25
Amortization of patent		250
Operating expenses	$	350			2,436
Net income				$	863

Additional information from the accounting records:

a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018.

b. During 2018, equipment with a cost of $660,000 (90% depreciated) was sold.

c. The statement of shareholders equity reveals reductions of $235,000 and $360,000 for stock dividends and cash dividends, respectively.