Exercise 5-17 (Part Level Submission)

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

Current assets (Cash $82,000)		$236,670			Current liabilities		$151,670
Land		31,370			Bonds payable		101,670
Buildings		121,670			Common stock		181,370
Equipment		91,370			Retained earnings		45,370
Accum. depr.-buildings		(31,670	)		Total		$480,080
Accum. depr.-equipment		(11,000	)
Patents		41,670
Total		$480,080

The following information is available for 2017.

1.		Net income was $50,720.
2.		Equipment (cost $21,670 and accumulated depreciation $9,670) was sold for $11,670.
3.		Depreciation expense was $5,670 on the building and $10,670 on equipment.
4.		Patent amortization was $2,500.
5.		Current assets other than cash increased by $29,000. Current liabilities increased by $14,670.
6.		An addition to the building was completed at a cost of $28,670.
7.		A long-term investment (Equity) in stock was purchased for $16,000.
8.		Bonds payable of $51,370 were issued.
9.		Cash dividends of $30,000 were declared and paid.
10.		Treasury stock was purchased at a cost of $11,000.

b) Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment WATERWAY CORPORATION Balance Sheet For the Year Ended December 31, 2017 Assets Current Assets Equity Investments Property, Plant and Equipment Land Buildings Less Accumulated Depreciation-Building Equipment Less Accumulated Depreciation-Equipment Total Property, Plant and Equipment Less Accumulated Depreciation-Equipment Total Property, Plant and Equipment Intangible Assets Patents Total Assets Liabilities and Stockholders' Equity Current Liabilities Long-term Liabilities Bonds Payable Total Liabilities Stockholders' Equity Common Stock $ Retained Earnings Total Paid-in Capital and Retained Earnings Total Liabilities Stockholders' Equity Common Stock $ Retained Earnings Total Paid-in Capital and Retained Earnings Less Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work