December 31 2017 2016 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment 72,700 22,000 83,780 68,080 181,780 191,080 72,780 112,080 261,780202,080 (70,780) (44,080) $602,040 $551,240 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings s35,78049,080 150,000 200,000 214,000164,000 202,260138,160 $602,040 $551,240 Total Additional information: 1. Net income for 2017 was $128,560. No gains or losses were recorded in 2017. 2. Cash dividends of $64,460 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock