Exercise 5-17

Indigo Corporations balance sheet at the end of 2016 included the following items.

Current assets (Cash $82,000)		$236,770			Current liabilities		$151,770
Land		31,770			Bonds payable		101,770
Buildings		121,770			Common stock		181,770
Equipment		91,770			Retained earnings		45,770
Accum. depr.-buildings		(31,770	)		Total		$481,080
Accum. depr.-equipment		(11,000	)
Patents		41,770
Total		$481,080

The following information is available for 2017.

1.		Net income was $55,870.
2.		Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770.
3.		Depreciation expense was $5,770 on the building and $10,770 on equipment.
4.		Patent amortization was $2,500.
5.		Current assets other than cash increased by $29,000. Current liabilities increased by $14,770.
6.		An addition to the building was completed at a cost of $28,770.
7.		A long-term investment (Equity) in stock was purchased for $16,000.
8.		Bonds payable of $51,770 were issued.
9.		Cash dividends of $30,000 were declared and paid.
Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.)		Treasury stock was purchased at a cost of $11,000.