Condensed Financial Data of Clark, Inc. appear below: Clark, Inc. Comparative Balance Sheet December 31 Assets 2017 2016 Cash & Cash Equivalents $97,800 $38,400 Accounts Receivable 90,800 33,000 Inventory 112,500 102,850 Prepaid Expenses 18,400 16,000 Investments 108,000 94,000 Plant Assets 270,000 242,500 Accumulated Depreciation (50,000) (52,000) $647,500 $474,750 Liabilities & Stockholders' Equity Accounts Payable $92.000 $67,300 Accrued Expenses Payable 16,500 17,000 Bonds Payable 85,000 110,000 Common Stock 180,000 150,000 APIC - Common Stock 40,000 25,000 Retained Earnings 234,000 105,450 $647,500 $474,750 Clark, Inc. Income Statement For the Year Ended December 31, 2017 Sales $342,780 Less: Cost of Goods Sold $115,460 Operating Expenses 58,910 Income Tax Expense 7,280 Interest Expense 2,730 Loss on Sale of Plant Assets 7,500 191,880 Net Income $150,900 Additional Information: 1. New Plant Assets were purchased for cash during the year. 2. Old Plant Assets having an original cost of $57,500 were sold for $1,500 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend was declared and paid during the year.