*Exercise 5-16 A comparative balance sheet for Coronado Corporation is presented below December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment 2017 2016 $ 72,880 22,000 84,590 182,590 73,590 262,590 (71,590(44,710 ) 68,710 191,710 112,710 202,710 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $604,650 $553,130 $ 36,590 $49,710 200,000 164,000 139,420 $604,650 $553,130 150,000 214,000 204,060 Total Additional information: 1. Net income for 2017 was $130,180. No gains or losses were recorded in 2017. 2. Cash dividends of $65,540 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock