For questions #6-18, refer to the following financial information for Gannon Insurance YOU MUST SHOW ALL CALCULATIONS TO EARN CREDIT 2016 2017 BALANCE SHEETS: Assets Cash Accounts Receivable Inventory 120,000 160,000 520,000 620,000 305,000 290,000 410.000 510,000 1,580,000 Total Assets 1,355,000 Liabilities and Equity: Accounts Payable Long-term Debt Common Stock 350,000 S375,000 500,000 625,000 50,000 75,000 505,000 455.000 Total Liabilities and Equity 1,355,000 1,580,000 INCOME STATEMENT: Revenue Cost of Goods Sold General and Administrative 3,500,000 2,275,000 515,000 Expense 120.000 Earnings Before Interest and Taxes 590,000 40.000 550,000 Pretax Net Income 167,000 383,000 Net Income 9. An appraiser recently valued Gannon's fixed assets at $600,000 and determined that $40,000 of their accounts receivable was noncollectible. Based on only this information and the balance sheet above, what was the market value of Gannon's shareholders' equity at the end of 2017