Presented below are the financial statements of Marigold Company Marigold Company Comparative Balance Sheets 2017 2016 Assets Cash Accounts receivable Inventory Property, plant, and equipment 112,000 $ 64,000 44,800 64,000 192,000 249,600 64,000 89,600 (102,400) (76,800) Total $355,200 $345,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 60,800 $48,000 22,400 25,600 54,400 105,600 44,800 160,000 121,600 $355,200 $345,600 57,600 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 Income tax expense Net income $774,400 560,000 214,400 $57,600 19,200 76,800 137,600 9,600 128,000 25,600 $102,400 Additional data expense was $56,000 2. Dividends declared and paid were $64,000 3. During the year equipment was sold for $27,200 cash. This equipment cost $57,600 originally and had accumulated depreciation of $30,400 at the time of sale