Financial statement data for Gibbons Electronics Company for 2016 follow. GIBBONS ELECTRONICS coMPANY Comparative Statement of Financial Position Dec. 31, 2016 Dec. 31, 2015 Assets 285,000 Cash 295,000 Accounts receivable 334,000 384,000 311,000 Inventory Prepaid insurance 50,000 35,000 980,000 980,000 Total current assets 590,000 650,000 Property, plant, and equipment (130,000) (165,000) Accumulated depreciation 460,000 485,000 Net capital assets $1,465,000 $1,440,000 Total assets Liabilities and shareholders' equity 50,000 Accounts payable 10,000 15,000 Wages payable 50,000 35,000 Unearned revenue Income taxes payable 45,000 55,000 140,000 180,000 Total current liabilities 575,000 490,000 Bonds payable 715,000 Total liabilities 285,000 350,000 Common shares 440,000 445,000 Retained earnings 725,000 795,000 Total shareholders' equity $1.440,000 $1,465,000 Total liabilities and shareholders' equity GIBBONS ELECTRONICS coMPANY Statement of Income For the year ended December 31, 2016 3,855,000 Sales revenue 10,000 Gain on sale of equipment 3,865,000 Expenses 2,105,000 Cost of goods sold 353,000 Wages expense 95,000 Depreciation expense 555,000 other operating expenses Interest expense 345,000 Income taxes 3,513,000 Total expenses 352,000 Net income Additional information: 1. Equipment that cost $100,000 and had a net carrying amount of $40,000 was sold for $50,000. 2. Dividends were declared and paid during the year