Exercise 5-18 The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below MADRASAH CORPORATION BALANCE SHEETS Dec. 31, 2014 Jan. 1, 2014 Inc./De Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation- Equipment $22,087 108,087 41,087 (17,000 ) $154,261 $14,408 89,408 23,408 (11,000) $7,679 Inc. 18,679 Inc. 17,679 Inc. 6,000 Inc. $116,224 Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $22,087 102,087 30,087 $154,261 $16,408 81,408 18,408 $116,224 5,679 Inc. 20,679 Inc. 11,679 Inc. Total Net income of $46,087 was reported, and dividends of $34,408 were paid in 2014. New equipment was purchased and none was sold