Comparative balance sheets for International Company are presented below INTERNATIONAL COMPANY Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2017 $73,930 85,300 180,080 74,330 249,110 2016 $21,320 75,690 189,880 101,780 199,390 (65,160 (42,830) Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $597,590 $545,230 $34,600 150,420 214,110 198,460 $597,590 $47,110 199,320 164,500 134,300 $545,230 Total Additional information: 1. Net income for 2017 was $135,130 2. Cash dividends of $70,970 were declared and paid 3. Bonds payable amounting to $48,900 were redeemed for cash $49,610 4. Common stock was issued for $49,610 cash 5. Depreciation expense was $22,330 6. Sales revenue for the year was $977,030 7. Land was sold at cost, and equipment was purchased for cash