Condensed financial data of Blossom Company follow. Blossom Company Comparative Balance Sheets December 31 Assets 2017 2016 193,920 116,160 Accounts receivable 210,720 91,200 Inventory 270,000 246,840 Prepaid expenses 68,160 62,400 Long-term investments 331,200 261,600 Plant assets 582,000 684,000 120,000 (124,800) Accumulated depreciation $1,638,000 $1,235,400 Total iabilities and Stockholders' Equ Accounts payable 244,800 161,520 Accrued expenses payable 39,600 50,400 Bonds payable 264,000 350,400 Common stock 528,000 420,000 Retained earnings 561,600 253,080 $1,638,000 $1,235,400 Total Blossom Company Income Statement Data For the Year Ended December 31, 2017 $932,304 Sales Less Cost of goods sold $325,104 Operating expenses, excluding depreciation 29,784 Depreciation expense 111,600 Income tax expense 65,472 Interest expense 11,352 Loss on disposal of plant assets 18,000 561,312 370,992 Net Additional information: 1. New plant assets costing $240,000 were purchased for cash during the year 2. old plant assets having an original cost of $138,000 and accumulated depreciation of $116,400 were sold for $3,600 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $62,472 was declared and paid during the year