Graffiti Advertising, Inc., reported the following financial statements for the last two years. 2016 Income Statement Sales Costs of goods sold Selling and administrative Depreciation EBIT Interest EBT Taxes Net income S 574,700 273,930 124,714 54,557 $121,499 19,714 $ 101,785 40,714 61,071 11,500 S 49,571 Addition to retained earnings GRAFFITI ADVERTISING, INC Balance Sheet as of December 31, 2015 Cash Accounts receivable Inventory Current assets $ 13,510 Accounts payable 18,975 Notes payable 13,813 Current liabilities $ 9,485 14,489 $ 23,974 $ 46,298 Long-term debt Owner's equity $135,280 $ 232,040 $ 391,294 Net fixed assets $344,996 $ 391,294 Total assets Total liabilities and owners' equity GRAFFITI ADVERTISING, INC Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory $ 14,496 Accounts payable 21,080 Notes payable 22,773 Current liabilities $ 10,531 16,485 27,016 Current assets S 58,349 Long-term debt $153,900 Net fixed assets Total assets $ 406,292 Owner's equity $464,641 Total liabilities and owners' equity s 283,725 $464,641