Midland Manufacturing Corporation Comparative Balance Sheets (in Millions of Dollars)* December 31, 2012 December 31, 2013 Assets Current assets: Cash $4.9 $ 0.8 Accounts receivable, net 7.2 7.5 Inventories 13.8 14.5 Total current assets $25.9 $22.8 Property and equipment $80.7 $115.0 Less: Accumulated depreciation 16.3 25.8 Net property and equipment $64.4 $89.2 Total assets $90.3 $112.0 Liabilities and Stockholders Equity Current liabilities: Accounts payable $8.0 $ 9.5 Other current liabilities 6.0 8.2 Total current liabilities $14.0 $17.7 Long-term debt 18.8 31.8 Deferred federal income taxes $1.2 $ 1.4 Stockholders equity: Common stock $3.0 $ 3.0 Additional paid-in capital 29.0 29.0 Retained earnings 24.3 29.1 Total stockholders equity $56.3 $61.1 Total liabilities and stockholders equity $90.3 $112.0 *Net income for the year ended December 31, 2013, totaled $8.3 million; dividends paid during the same period totaled $3.5 million; $2.0 million of long-term debt was retired in 2013; and fixed assets were sold during 2013 for $1.0 million.