Please answer this question.

Problem 12-7A (Part Level Submission) Presented below are the financial statements of Metlock Company 18 art 12 sion Metlock Company Comparative Balance Sheets December 31 2016 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2017 122,150 69,800 97,720 209,400 (111,680) 5387,390 S69,800 48,860 69,800 272,220 (83,760) 5376,920 Liabilities and Stockholders Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 66,310 24,430 59,330 52,820 174,500 5387,390 $ 52,350 27,920 115,170 48,860 132,620 $376,920 Metlock Company Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $844,580 610,750 233,830 $62,820 83,760 150,070 10,470 139,600 27,920 S111,680 20,940 Additional data: 1. Depreciation expense was 561,075 2. Dividends declared and paid were $69,800 3. During the year equipment was sold for $29,665 cash. This equipment cost $62,820 originally and had accumulated depreciation of $33,155 at the time of sale