Exercise 5-18 (Part Level Submission) The comparative balance sheets of Buffalo Corporation at the beginning and end of the year 2017 appear below BUFFALO CORPORATION BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017 Inc./Dec. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment $21,430 107,430 40,430 7,000 $14,860 $6,570 Inc. 89,860 17,570 Inc. 23,860 16,570 Inc. (11,000) 6,000 Inc. $152,290$117,580 Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $21,430 101,430 29,430 $152,290 $16,860 4,570 Inc. 81,860 19,570 Inc. 18,860 10,570 Inc. Total $117,580 Net income of $45,430 was reported, and dividends of $34,860 were paid in 2017, New equipment was purchased and none was sold