Condensed financial data of Splish Brothers Inc. follow Splish Brothers Inc. Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $ 88,880 $53,240 96,580 41,800 123,750 113,135 31,240 28,600 151,800 119,900 313,500 266,750 (55,000) (57,200) $750,750 $566,225 $112,200 $74,030 18,150 23,100 121,000 160,600 242,000 192,500 257,400 115,995 $750,750 $566,225 Splish Brothers Inc. Income Statement Data For the Year Ended December 31,2017 $427,306 Sales revenue Less: $149,006 13,651 51,150 30,008 5,203 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 8,250 257,268 170,038 Net income Additional information: 1. New plant assets costing $110,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $63,250 and accumulated depreciation of $53,350 were sold for $1,650 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. Acash dividend of $28,633 was declared and paid during the year Splish Brothers Inc. Statement of Cash Flows Adjustments to reconcile net income to