CP 14-9 The comparative balance sheets of Glacier Corporation showed the following at December 31 2017 2016 Debits Cash Accounts receivable Merchandize inventory Land Plant and equipment $10 $ 8 10 20 24 60 $156 $122 18 24 10 94 Credits Accumulated depreciation Accounts payable Non-current borrowings Common shares Retained earnings $14 $ 10 12 32 50 18 $156 $122 16 40 60 The income statement for 2017 was as follows: Glacier Corporation income statement For the Year Ended December 31, 2017 Sales Cost of sales Gross profit Operating expenses $300 200 100 Rent Depreciation $77 6 83 17 Income from operations Other gains (losses) Gain on sale of equipment Loss on sale of land S 14 Net income Additional information: a. Cash dividends paid during the year amounted to $6 b. Land was sold during the year for $10. It was originally purchased for $14