g Activities) The balance sheet data of Wheels 'n Tires, Inc. at the end of 2017 and 2016 follow. 2017 2016 s 7500 $ 10,000 87 500 Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Equipment Accumulated depreciation-equipmert 82,000 86,000 9,000 81,000 12,000 170,000 145,000 (45,000) (36,000) 50,000 Land 30,000 5339 500 $349 500 9,000 20,000 50,000 Total assets $ 44,500 11,000 Accounts payable Accrued expenses Notes payable-bank, short-term Bonds payable Common stock, $1 par Retained earnings $ 58,000 181,000 83,000 160,000 72,500 $349500 Total liablities and shareholders' eqpuity $339 500 Equipment was purchased for $21,000 in exchange for common stock, par $21,000, during the year; all other equipment pur- chased was for cash. Land was sold for $31,500. Cash dividends of $7,000 were declared and paid during the year