FULL SCREEN NT RESOURCES Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 e 17 Assets 2017 $63,000$22,000 85,00076,000 170,000189,000 75,000100,000 2016 Cash Results by Study Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment (66,000y(32,000) $555,000 Total Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $39,000 $47.000 150,000/299,000 216,000 192,000134,000 Total $597,000$555,000 Additional information: Net income for 2017 was $93,00o. 2. Cash dividends of $35,000 were declared and paid 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000