Exercise 5-17 (Part Level Submission) Vaughn Corporation's balance sheet at the end of 2016 included the following items Current assets (Cash $82,000) $236,060 Current liabilities $151,060 Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents 32,090 Bonds payable 121,060 Common stock 101,060 182,090 92,090 Retained earnings 46,090 $480,300 (31,060) Total (11,000) 41,060 Total $480,300 The following information is available for 2017. 1. Net income was $55,150 2. Equipment (cost $21,060 and accumulated depreciation $9,060) was sold for $11,060 3. Depreciation expense was $5,060 on the building and $10,060 on equipment. 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,060 6. An addition to the building was completed at a cost of $28,060 7. A long-term investment (Equity) in stock was purchased for $16,000 8. Bonds payable of $52,090 were issued 9. Cash dividends of $30,000 were declared and paid 10. Treasury stock was purchased at a cost of $11,000