Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation $ -33 339 $ 13 229 151 196. 8 6 465 444 507 428 81 71 Net property, plant, and equipment Long-term investments 426 357 26 32 Total assets $ 917 $ 833 Liabilities and Stockholders' Equity Accounts payable $ 304 $ 226 Accrued liabilities 72 79 Income taxes payable 71 64 Total current liabilities 447 369 Bonds payable 198 172 Total liabilities 645 541 Total stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 160 200 112 92 272 292 $ 917 $ 833 Weaver Company Income Statement For This Year Ended December 31) Sales Cost of goods sold Gross margin $ 752 450 302 Sales Weaver Company Income Statement For This Year Ended December 31 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $ 752 450 302 221 81 $ 6 (2) 4 85 25 $ 60 During this year, Weaver sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds.