Marin Inc., had the following condensed balance sheet at the end of operations for 2016. MARIN INC. BALANCE SHEET DECEMBER 31, 2016 Cash Current assets other than cash Equity invesments Plant assets (net) Land Current liabilities $8,500 29,300 Lgterm notes payable 19,800 67,500 39,900 $15,200 25,500 25,000 75,000 24,300 $165,000 Bonds payable Common stock Retained earnings 165,000 During 2017, the following occurred 1. A tract of land was purchased for $8,900 2. Bonds payable in the amount of $15,000 were redeemed at par 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders 5. Net income was $30,000 after allowing depreciation of $13,700 6. Land was purchased through the issuance of $22,700 in bonds. 7. Marin Inc. sold part of its investment portfolio for $12,800. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2017 8. Both current assets (other than cash) and current liabilities remained at the same amount