Exercise 23-12 Condensed financial data of Bridgeport Company for 2017 and 2016 are presented below BRIDGEPORT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) 2017 $1,780 1,740 1,610 1,930 2016 $1,130 1,290 1,870 1,710 (1,210) (1,150) 1,440 $6,290 1,290 $7,140 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,180 190 1,410 1,920 2,440 $7,140 $900 240 1,590 1,690 1,870 $6,290 BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains $6,880 4,650 2,230 940 1,290 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 80 1,370 540 830 260 $570 Additional information