Exercise 13-8 Here are comparative balance sheets for Velo Company VELO COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2017 63,000 85,000 170,000 75,000 270,000 2016 22,000 76,000 189,000 100,000 200,000 6 6,000)(32,000) $597,000$555,000 Total Liabilities and Stockholders' Equit Accounts payable Bonds payable Common stock ($1 par) Retained earnings $39,000 47,000 200,000 174,000 150,000 216,000 192,000 07000134,000 9592.000$555,000 Tota Additional information: 1. Net income for 2017 was $93,000 2. Cash dividends of $35,000 were declared and paid 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000 4. Common stock was issued for $42,000 cash S. No equipment was sold during 2017, but land was sold at cost