Exercise 12-8 (Part Level Submission) Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Crane Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $395,000 $417,450 776,450 681,100 247,000 2,537,300 2,122,000 8,706,0258,439,980 $11,243,325 $10,561,980 1,044,000 717,000 381,300 Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,182,000 $2,846,000 3,702,600 3,892,650 6,884,600 6,738,650 58,950 103,850 4,195,075 3,660,530 4,358,7253,823,330 Total liabilities and stockholders' equity $11,243,325 $10,561,980 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings 59,000 104,650 Total stockholders' equity