Culver Inc. had the following balance sheet at December 31, 2016 CULVER INC. BALANCE SHEET DECEMBER 31, 2016 Cash Accounts receivable Investments Plant assets (net) Land $32,640 43,640 102,640 25,840 $204,760 $22,640 Accounts payable 23,840 Notes payable (long-term) 34,640 Common stock 81,000 Retained earnings 42,640 $204,760 During 2017, the following occurred 1. Culver Inc. sold part of its investment portfolio for $16,327. This transaction resulted in a gain of $4,727 for the firm. The company classifies its investments as 2. 3. 4. 5. 6. 7. 8. available-for-sale A tract of land was purchased for $15,640 cash Long-term notes payable in the amount of $17,327 were retired before maturity by paying $17,327 cash An additional $21,327 in common stock was issued at par. Dividends of $9,527 were declared and paid to stockholders Net income for 2017 was $34,640 after allowing for depreciation of $12,327 Land was purchased through the issuance of $37,640 in bonds At December 31, 2017, Cash was $39,640, Accounts Receivable was $44,240, and Accounts Payable remained at $32,640