Exercise 23-16 The balance sheet data of Flounder Company at the end of 2017 and 2016 are shown below 2017 2016 Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land $29,900 $34,900 54,400 64,400 14,900 89,700 (17,940 ) 70,500 45,400 44,600 25,000 75,700 (8,000) 40,100 $305,860 $257,700 $64,800 14,800 $51,900 18,000 23,100 Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings 30,300 188,900 7,060 $305,860 -0 158,500 6,200 $257,700 Land was acquired for $30,400 in exchange for common stock, par $30,400, during the year; all equipment purchased was for cash. Equipment costing $13,000 was sold for $2,900; book value of the equipment was $5,900. Cash dividends of $10,100 were declared and paid during the year