Problem 12-7A Presented below are the financial statements of Pharoah Company. Pharoah Company Comparative Balance Sheets December 31 2017 2016 $61,800 43,260 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total $ 108,150 61,800 86,520 185,400 61,800 241,020 (98,880 )(74,160 ) $342,990 $333,720 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earning:s Total $ 58,710 21,630 52,530 55,620 154,500 $342,990 $46,350 24,720 101,970 43,260 117,420 $333,720