Presented below are the financial statements of Pina Company Ltd. PINA COMPANY LTD. Comparative Statements of Financial Position Assets Equipment December 31 Accumulated depreciation-equipment Inventory Accounts receivable Cash Total 2017 2016 59,040 77,770 (29,910) (23,100) 29,540 20,460 32,450 19,890 37,400 20,100 128,520 115,120 Equity and Liabilities Share capital-ordinary 17,600 13,960 Retained earnings 47,350 43,650 Bonds payable 27,650 32,400 Accounts payable Income taxes payable 28,500 16,720 7,420 8,390 Total 128,520 115,120 PINA COMPANY LTD. Income Statement Sales revenue For the Year Ended December 31, 2017 Cost of goods sold Gross profit 242,710 176,760 65,950