Exercise 5-17 (Part Level Submission) Blossom Corporation's balance sheet at the end of 2016 included the following items Current assets (Cash $82,000) $236,600 Current liabilities $151,600 Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents 101,600 182,700 92,700 Retained earnings 46,700 $482,600 32,700 Bonds payable 121,600 Common stock (31,600) Total (11,000) 41,600 Total $482,600 The following information is available for 2017 1. Net income was $59,140 2. Equipment (cost $21,600 and accumulated depreciation $9,600) was sold for $11,600 3. Depreciation expense was $5,600 on the building and $10,600 on equipment. 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,600 6. An addition to the building was completed at a cost of $28,600 7. A long-term investment (Equity) in stock was purchased for $16,000 8. Bonds payable of $52,700 were issued 9. Cash dividends of $30,000 were declared and paid 10. Treasury stock was purchased at a cost of $11,000