INTERNATIONAL COMPANY mathe Balance Doomober 31 2017 2016 Accounts receivable $ 73,000 Inventory 85,000 $ 22,000 Land 180,000 76,000 189,000 Equipment 75,000 100.000 250,000 200,000 Accumulated depreciation equipment (66,000) (42,000) Total $397,000 $545,000 Liabilities and Stockholders' Equity Accounts payable $ 34,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 199,000 134,000 Total $597,000 $545,000 Additional information: 1. Net income for 2017 was $135,000. 2. Cash dividends of $70,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000 4. Common stock was issued for $50,000 cash. 5. Depreciation expense was $24,000 6. Sales revenue for the year was $978,000. 7. Land was sold at cost, and equipment was purchased for cash