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 eees) 2018 2017 Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 480 558 788 700 800 (250) 3,000 (355) 1,000 $ 6,625 $ 250 290 4ee 65e 800 (215) 2,750 (320) 1,150 $ 5,755 $ 800 $ 550 220 25e 130 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 2,660 600 2,5ee 560 1,925 $ 5,755 2,185 $ 6,625 Next Paid-in capital-excess of par Retained earnings 6ee 2,185 $ 6,625 560 1,925 $5,755 ME TAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in eees) Revenues Sales revenue $3,02e Gain on sale of land 8e $3,1ee Expenses Cost of goods sold $1,eee Depreciation expense-building Depreciation expense-equipment 440 Loss on sale of equipment Amortization of patent Operating expenses 600 2,245 Net income $ 855 35 ze 15e 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 $450,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $200,000 and $395,000 for stock dividends and cash dividends, respectively MEIAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash inflows Cash outflows: $