Problem 12-7A Presented below are the financial statements of Kingbird Company. Kingbird Company Comparative Balance Sheets December 31 2017 Assets 2016 89,600 51,200 Cash 51,200 Accounts receivable 35,840 71,680 51,200 Inventory 199,680 Property, plant, and equipment 153,600 (81,920) (61,440) Accumulated depreciation $284,160 $276,480 Tota Liabilities and Stockholders' Equity 48,640 38,400 Accounts payable Income taxes payable 20,480 17,920 Bonds payable 43,520 84,480 Common stock 46,080 35,840 Retained earnings 97,280 128,000 $284,160 $276,480 Tota