Exercise 17-7 Rojas Corporation's comparative balance sheets are presented below ROJAS CORPORATION Balance Sheets December 31 2017 2016 Cash Accounts recelvable Land Buildings Accumulated depreciation-buildings $15,000 21,400 19,800 70,100 $10,200 23,800 26,400 70,100 (10,800) (15,300) Total $111,000 $119,700 Accounts payable Common stock Retained earnings $12,800 74,600 23,600 $111,000 $27,800 73,400 18,500 Total $119,700 Additional Information: 1. Net income was $22,800. Dividends declared and paid were $17,700 2. No noncash investing and financing activitles occurred during 2017 3. The land was sold for cash of $4,500