Financial statement data for Metro Moving Company for 2016 follow METRO MOVING COMPANY Comparative Statement of Financial Position Dec. 31. 2016 Dec. 31. 2015 Assets $68,600 95,000 30,000 193,600 400,000 (110,400) 289,600 483,200 $49,100 59,400 20,000 128,500 345,000 Accounts receivable Prepaid insurance Total current assets Property, equipment, and vehicles Accumulated depreciation (105,900) Total non-current assets Total assets 239,100 367,600 Liabilities and shareholders' equity $21,500 3,000 24,500 50,000 74,500 200,000 208,700 408,700 483,200 $18,600 4,000 22,600 60,000 82.600 200,000 85,000 285,000 367,600 Accounts payable Wages payable Total current liabilities Bank loan Total liabilities Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity METRO MOVING COMPANY Statement of Income For the year ended December 31, 2016 Moving revenue Gain on sale of vehicles $450,000 4,000 454,000 Expenses Vehicle operating expenses Wages expense Depreciation expense Interest expense $102,400 134,000 59,500 5,400 Total expenses Net income 301,300 152,700 Additional information: 1. 2. 3. Vehicles that cost $65,000 and had a net carrying amount of $10,000 were sold for $14,000 A cash payment was made to reduce the bank loan Dividends were declared and paid during the year