Problem 13-9A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 2017 2016 Assets Cash $116,300 $48,400 Accounts receivable 92,700 33,400 Inventory 111,200 102, 100 25,500 Prepaid expenses 29,000 140,900 113,300 265,000 241,100 Investments Equipment 46,800 (52,000 Accumulated depreciation-equipment $708,300 $511,800 Total Liabilities and Stockholders' Eguit Accounts payable $111,100 $67,800 17,500 Accrued expenses payable 16,500 Bonds payable 119,300 149,300 219,900 174,600 241,500 102,600 Common Stock Retained earnings $708,300 $511,800 Total CHENG INC Income Statement For the Year Ended December 31, 2017 Sales revenue $391,300 Less Cost of goods sold $135,200 Operating expenses, excluding depreciation 11,500 Depreciation expense 31,300 Income tax expense 27,800 Interest expense 4,600 7.500 217.900 Loss on disposal of plant assets