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The condensed financial statements of Hallelra Company for the years 2015-2016 are presented below: HALLEIRA COMPANY Comparative Balance Sheet:s As of December 31, 2016 and 2015 2015 120,000 2016 Cash Receivables (net) Inventories Plant and equipment Accumulated depreciation $ 420,000 460,000 380,000 1,700,000 300,000 340,000 1,112,000 (260,000)(192,000) $2 700,000 $1680,000 $ 240,000 160,000 Accounts pavable Dividends payable Bonds payable Common stock ($10 par) Retained earnings 40,000 -0 -0 400,000 1,520,000 540,000 1,200,000 280,000 Additional data: Market value of stock at 12/31/16 was $80 per share. Hallelra Co. sold 32,000 shares of common stock at par on July 1, 2016. HALLEIRA COMPANY Condensed Income Statement For the Year Ended December 31, 2016 Sales Cost of goods sold Gross profit Administrative and selling expense Net income $2,400,000 1,600,000 800,000 500,000