Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balanoe Sheets December 31 ssets 2016 Cash $73,500 $32,700 Accounts receivable 85,600 71,100 Inventory 169,500 187,200 Land 73,300 100,800 Equipment 260,200 200,600 Accumulated depreciation-equipment (66,200) (33,500) Total $595,900 $558,900 Liabilities and Stockholders' Equity Accounts payable $35,200 $47,300 Bonds payable 151,600 203,100 Common stock ($1 par) 216,600 175,500 Retained earnings 192,500 133,000 Total $595,900 $558,900 Additional information: 1. Net income for 2017 was $104,800