*Problem 13-24 Blake Weaver, Cook Enterprises' controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information .On December 31, 2016, Cook sold a piece of equipment with an original cost of $25,000 for $30,000 cash. The equipment had a book value of $13,000. .On February 1, 2016, Cook issued $100,000 of common stock to raise cash in anticipation of the purchase of a new building later in the year .On February 2, 2016, Cook took out a ten-year $75,000 long-term loan to provide the remaining funds needed to purchase the building. .On May 15, 2016, Cook paid $150,000 for the new building The company repaid $4,600 of the long-term debt before the end of the year Income Statement For the Year Ended December 31, 2016 $1,070,000 17,000 1,087,000 700,000 Sales revenue Gain on equipment sale Total revenue Cost of goods sold Operating expenses Depreciation expense Interest expense Wages expenses Other expenses 30,000 7,400 175,000 Income before taxes Tax expense 16,000 228,400 158,600 63,400 $95,200 Net income Cook Enterprises Comparative Balance Sheets As of December 31, 2016 2016 2015 Cash Accounts receivable, net $.124,200 40,400 287,200 269,800 125,000 95,000 536,400 405,200 297,000 160,000 90,000 60,000 t property, plant, & equipment 207,000 100,000 743,400505,200 150,000 175,000 17,600 20,000 Total current assets Property, plant, & equipment Ne Total asscts Accounts payable Taxes payable Mortgage payable 70,400 238,000 195,000 50,000 250,000 155,400 60,200 05,400 310,200 Total liabilities & stockholders' equity 743,400 $ 505,200 Total liabilities Common stack Retained earnings Total stockholders' equity