Financial Statements A list of accounts for Maple Inc. at December 31, 2016, follows: Land Accounts Receivable Advertising Expense Buildings and Equipment, Net Capital Stock Cash $2,324 4,560 55,550 49,100 510 Net purchases Retained Earnings, January 1, 2016 Salaries Expense Salaries Payable Net sales Transportation-In Utilities Expense $20,070 39,430 33,426 25,520 730 83,597 409 3,660 Depreciation Expense Dividends Income Tax Expense Income Tax Payable Interest Receivable Inventory: January 1, 2016 December 31, 2016 2,320 5,960 3,280 3,190 110 6,340 7,500 Required: 1. Determine cost of goods sold for 2016. 2. Determine net income for 2016. Maple Inc. Balance Sheet At December 31, 2016 Assets Current assets: Buildings and equipment, net Land Capital stock $ Total current assets Property, plant, and equipment: $ Total property, plant, and equipment 00 Total assets Liabilities Current liabilities: $ Total liabilities Stockholders' Equity $ Total liabilities and stockholders' equity