Please double-check your answers.

The condensed financial statements of Hallelra Company for the years 2015-2016 are presented below: HALLEIRA COMPANY Comparative Balance Sheets As of December 31, 2016 and 201:5 2016 2015 Cash Receivables (net) Inventories Plant and equipment Accumulated depreciation $ 420,000$ 120,000 300,000 340,000 1,112,000 (260,000)(192,000) $1,680,000 460,000 380,000 1,700,000 52.700.000 $ $ 240,000 160,000 Accounts payable Dividends payable Bonds pavable Common stock ($10 par) Retained earnings 40,000 -0 400,000 -0 1,200,000 280,000 $1,680,000 1,520,000 540,000 $2.700,000 $ 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 1,600,000 800,000 500,000 300,000