Courtland Corp Courtland Corp Comparative Balance Sheet Information Income Statement December 31 For the Year Ended Decomber 31, 2015 Assets 2015 2014 Sales $1,316,000 Cash $125,000 $80,000 Cost of goods sold 790,000 Accounts receivable 60,000 55,000 Gross profit 526,000 Merchandise inventory 398,000 350.000 Operating expenses: Equipment 217,000 196,000 Depreciation expense 30,000 Accumulated depreciation (100,000) (70,000) Other expenses 327.000 Total assets $700,000 $611,000 Total operating expenses 357,000 Liabilities and Equity Income from operations 169,000 Accounts payable $43,000 $65,000 Income taxes 25,000 Income taxes payable 20,000 15,000 Net income $144,000 Share capital 492,500 470,000 Retained earnings 144,500 61,000 Total liabilities and equity $700,000 $611,000 Additional information regarding Courtland Corp's activities during 2015: a. Equipment is purchased for $21,000 cash. b. 15,000 common shares are issued for cash at $1.50 per share