Presented below are the financial statements of Kurtzel Company.

KURTZEL COMPANY Comparative Balance Sheets December 31
Assets		2014			2013
Cash		$ 67,445			$ 38,540
Accounts receivable		38,540			26,978
Inventory		53,956			38,540
Property, plant, and equipment		115,620			150,306
Accumulated depreciation		(61,664	)		(46,248	)
Total		$213,897			$208,116
Liabilities and Stockholders Equity
Accounts payable		$ 36,613			$ 28,905
Income taxes payable		13,489			15,416
Bonds payable		32,759			63,591
Common stock		34,686			26,978
Retained earnings		96,350			73,226
Total		$213,897			$208,116

KURTZEL COMPANY Income Statement For the Year Ended December 31, 2014
Sales revenue				$466,334
Cost of goods sold				337,225
Gross profit				129,109
Selling expenses		$34,686
Administrative expenses		11,562		46,248
Income from operations				82,861
Interest expense				5,781
Income before income taxes				77,080
Income tax expense				15,416
Net income				$ 61,664

Additional data:

1.		Depreciation expense was $33,722.
2.		Dividends declared and paid were $38,540.
3.		During the year equipment was sold for $16,380 cash. This equipment cost $34,686 originally and had accumulated depreciation of $18,306 at the time of sale.