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 $ 31 $ 13 293 231 150 194 8 5 482 443 503 424 (82) (72) 421 352 27 34 $ 930 $ 829 Liabilities and Stockholders' Equity Accounts payable $ 305 $ 224 Accrued liabilities 72 78 Income taxes payable 75 63 Total current liabilities 452 365 Bonds payable 196 171 Total liabilities 648 536 Common stock 160 200 Retained earnings 122 93 Total stockholders' equity 282 293 Total liabilities and stockholders' equity $ 930 $ 829 Weaver Company Income Statement For This Year Ended December 31 Sales $ 753 Cost of goods sold 446 Gross margin 307 Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 219 88 $ 6 Loss on sale of equipment (1) 5 Income before taxes Income taxes 93 24 Net income $ 69 During this year, Weaver sold some equipment for $19 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 $7 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.