Exercise 18-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 2016 15,900 30,500 Cash Accounts receivable (net) 69,600 60,700 61,000 51,000 Inventory 201,000 182,000 Plant assets (net) $347,500 $324,200 $49,300 $60,500 Accounts payable Mortgage payable (6%) 100,500 100,500 Common stock, $10 par 136,000 120,500 61,700 42,700 Retained earnings $347,500 $324,200 Additional information for 2017: 1. Net income was $25,700. 2. Sales on account were $408,000. Sales returns and allowances were $20,000. 3. Cost of goods sold was $199,800