Problem 12-9A Condensed financial data of Sheridan Company follow. Sheridan Company Comparative Balance Sheets December 31 ssets 2017 2016 125,240 75,020 Cash 58,900 Accounts receivable 136,090 174,375 Inventory 159,418 Prepaid expenses 44,020 40,300 Long-term investments 213,900 168,950 441,750 Plant assets 375,875 Accumulated depreciation (77,500) (80,600 $1,057,875 $797,863 Tota Liabilities and Stockholders' Equity 158,100 104,315 Accounts payable Accrued expenses payable 25,575 32,550 226,300 Bonds payable 170,500 Common stock 341,000 271,250 Retained earnings 362,700 163,448 $1,057,875 $797,863 Tota Sheridan Company Income Statement Data For the Year Ended December 31, 2017 $602,113 Sales revenue Less Cost of goods sold $209,963 Operating expenses, excluding depreciation 19,236 Depreciation expense 72,075 Income tax expense 42,28 Interest expense 7,332 Loss on disposal of plant assets 11,625 362,515 239,598 Net income Additional information: 1. New plant assets costing $155,000 were purchased for cash during the year. 2. old plant assets having an original cost of $89,125 and accumulated depreciation of $75,175 were sold for $2,325 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $40,346 was declared and paid during the year