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 Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity $ 29 $ 12 292 228 150 195 8 6 479 441 515 436 (81) (71) 434 365 25 31 $ 938 $ 837 Accounts payable $ 302 $ 225 Accrued liabilities 73 78 Income taxes payable. 74 65 Total current liabilities 449 368 Bonds payable 197 172 Total liabilities 646 540 Common stock 164 200 Retained earnings 128 97 Total stockholders' equity 292 297 Total liabilities and stockholders' equity $ 938 $ 837 Weaver Company Income Statement For This Year Ended December 31 Sales $753 Cost of goods sold 447 Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 306 219 87 $ 7 Loss on sale of equipment (2) 5 Income before taxes Income taxes 92 25 $ 67 Net income During this year, Weaver sold some equipment for $18 that had cost $30 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $36 of its own stock. This year Weaver did not retire any bonds.