Presented below are the financial statements of Concord Corporation.

Concord Corporation

Comparative Balance Sheets

December 31

Assets

2017

2016

Cash$38,150

$21,800

Accounts receivable21,800

15,260

Inventory30,520

21,800

Property, plant, and equipment65,400

85,020

Accumulated depreciation(34,880

)

(26,160

)

Total$120,990

$117,720

Liabilities and Stockholders' Equity

Accounts payable$20,710

$16,350

Income taxes payable7,630

8,720

Bonds payable18,530

35,970

Common stock19,620

15,260

Retained earnings54,500

41,420

Total$120,990

$117,720

Concord Corporation

Income Statement

For the Year Ended December 31, 2017

Sales revenue

$263,780

Cost of goods sold190,750

Gross profit73,030

Selling expenses$19,620

Administrative expenses6,540

26,160

Income from operations46,870

Interest expense3,270

Income before income taxes43,600

Income tax expense8,720

Net income$34,880

Additional data:

1.Depreciation expense was $19,075.2.Dividends declared and paid were $21,800.3.During the year equipment was sold for $9,265cash. This equipment cost $19,620originally and had accumulated depreciation of $10,355at the time of sale