Presented below is a condensed version of the comparative balance sheets for Concord Corporation for the last two years at December 31.

		2017			2016
Cash		$ 309,750			$ 136,500
Accounts receivable		315,000			323,750
Investments		91,000			129,500
Equipment		521,500			420,000
Accumulated Depreciation-Equipment		(185,500	)		(155,750	)
Current liabilities		234,500			264,250
Common stock		280,000			280,000
Retained earnings		537,250			309,750

Additional information: Investments were sold at a loss of $17,500; no equipment was sold; cash dividends paid were $52,500; and net income was $280,000.

CONCORD CORPORATION Statement of Cash Flows Adjustments to reconcile net income to