Exercise 5-16 A comparative balance sheet for Cullumber Corporation is presented below December 31 2017 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment 2016 $ 72,760 22,000 83,040 181,040 72,040 261,040 (70,040) (43,280 ) 67,280 190,280 111,280 201,280 $599,880$548,840 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 35,040$48,280 200,000 164,000 136,560 $599,880$548,840 150,000 214,000 200,840 Total Additional information: 1. Net income for 2017 was $127,080. No gains or losses were recorded in 2017. 2. Cash dividends of $62,800 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock