Example: Condensed financial data of Sparky, Inc. appear below: Sparky, Inc. Comparative Balance Sheet December 31 Assets Cash Accounts Receivable Inventories Prepaid expenses Investments Plant Assets Accumulated Depreciation 2016 $ 97,800 90,800 112,500 18,400 108,000 270,000 (50,000) $647,500 2015 $ 38,400 33,000 102,850 16,000 94,000 242,500 (52,000) $474,750 Liabilities & Stockholder's Equity Accounts Payable Accrued Expenses payable Bonds Payable Common Stock APIC - Common Stock Retained Earnings $ 92,000 16,500 85,000 180,000 40,000 234,000 $647,500 $ 67,300 17,000 110,000 150,000 25,000 105,450 $474,750 Sparky, Inc. Income Statement For the Year Ended December 31, 2016 $342,780 Sales Less: Cost of Goods Sold Operating Expenses Income Tax Expense Interest Expense Loss on Sale of Plant Assets Net Income $ 115,460 58,910 7,280 2,730 7,500 191,880 $150,900