Presented below are the financial statements of Swifty Corporation. Swifty Corporation Comparative Balance Sheets December 31 2016 Assets 2017 $60,550 $34,600 Cash 24,220 34,600 Accounts receivable 34,600 48,440 Inventory 134,940 103,800 Property, plant, and equipment (41,520) (55,360) Accumulated depreciation $192,030 $186,840 Total Liabilities and Stockholders' Equity $ 25,950 $32,870 Accounts payable 13,840 12,110 Income taxes payable 57,090 29,410 Bonds payable 24,220 31,140 Common stock 65,740 86,500 Retained earnings $186,840 $192,030 Total Swifty Corporation Income Statement For the Year Ended December 31, 2017 $418,660 Sales revenue 302,750 Cost of goods sold 115,910 Gross profit Selling expenses $31,140 41,520 10,380 Administrative expenses Income from operations 74,390 5,190 Interest expense 69,200 Income before income taxes 13,840 Income tax expense $ 55,360 Net income Additional data: 1. Depreciation expense was $30,275 2. Dividends declared and paid were $34,600. 3. During the year equipment was sold for $14,705 cash. This equipment cost $31, 140 originally and had accumulated depreciation of $16,435 at the time of sale. Swifty Corporation Statement of Cash Flows Adjustments to reconcile net income to >