Condensed financial data of Pharoah Company follow.

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Pharoah Company Comparative Balance Sheets December 31 201 201 sse Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total $ 172,912 187,892 240,750 60,776 295,320 609,900 $103,576 81,320 220,099 55,640 233,260 518,950 (111,280) (107,000) $1,460,550 $1,101,565 Liabilities and Stockholde Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total UI $ 218,280 35,310 235,400 470,800 500,760 $1,460,550 $ 144,022 44,940 312,440 374,500 225,663 $1,101,565 Pharoah Company Income Statement Data For the Year Ended December 31, 2017 Sales revenue $831,304 Less $289,884 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 26,557 99,510 58,379 10,122 16,050 500,502 Net income $ 330,802 Additional information: 1. New plant assets costing $214,000 were purchased for cash during the year 2. Old plant assets having an original cost of $123,050 and accumulated depreciation of $103,790 were sold for $3,210 cash. 3. Bonds payable matured and were paid off at face value for cash 4. A cash dividend of $55,705 was declared and paid during the year Further analysis reveals that accounts payable pertain to merchandise creditors