Exercise 12-7 Shown below are comparative balance sheets for Novak Company. Novak Company Comparative Balance Sheets 2016 2017 115,668 $37,422 149,688 129,276 284,067 136,00 170,100 442,260 340,200 (112,26 (4,432) Cash Accounts receivable 321,489 Equipment 944,055 Total Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock (Si par) Retained earnings $1,015,497 $ S 66,339 255,150 367,416 326,592 $1,015,497 $ 73,143 340,200 295,974 234,738 $944,055 Additional information: 1. Net income for 2017 was $158,193. 2. Depreciation expense was $57,834 3. Cash cividends of $66,339 were declared and paid. 4. Bands payable amounting to $85,050 were redeemed for cash $85,050 5. Common stack was issued for $71,442 cash 6. No equipment was sold during 2017 7 Land was sold for its book value