Problem 12-11A The comparative balance sheets for Blue Spruce Corp. as of December 31 are presented below. Blue Spruce Corp. Comparative Balance Sheets December 31 2016 Assets 2017 Cash 90,168 59,670 76,908 Accounts receivable 66,300 Inventory 200,823 188,292 Prepaid expenses 20,261 27,846 192,270 Land 172,380 Buildings 265,200 265,200 (79,560) (53,040) Accumulated depreciation-buildings 298,350 Equipmen 205,530 Accumulated depreciation-equipment (59,670 (46,410) $994,142 $896,376 Total Liabilities and Stockholders' Equity Accounts payable 59,312 47,736 Bonds payable 397,800 397,800 Common stock, $1 par 212,160 265,200 Retained earnings 271,830 238,680 $994,142 $896,376 Tota Additional information: 1. Operating expenses include depreciation expense of $55,692. 2. Land was sold for cash at book value. 3. Cash dividends of $15,912 were paid. 4. Net income for 2017 was $49,062. 5. Equipment was purchased for $121,992 cash. In addition, equipment costing $29,172 with a book value of $13,260 was sold for $10,608 cash. 6. 53,040 shares of $1 par value common stock were issued in exchange for land with a fair value of $53,040