Presented below are the financial statements of Bonita Industries. Bonita Industries Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2017 40,600 23,200 32,480 69,600 (37,120) (27,840) 2016 s 23,200 16,240 23,200 90,480 $128,760 $125,280 Liabilities and Stockholders' Equit Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 22,040 8,120 19,720 20,880 58,000 $128,760 s 17,400 9,280 38,280 16,240 44,080 $125,280 Bonita Industries 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 $280,720 203,000 77,720 $20,880 6,960 27,840 49,880 3,480 46,400