Problem 23-6 Comparative balance sheet accounts of Culver Inc. are presented below CULVER INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016 December 31 Debit Accounts Cash Accounts Receivable Inventory Equity investments Machinery Buildings Land 2017 2016 $41,600 70,400 30,000 22,100 29,900 67,800 7,500 $269,300 $33,600 60,600 24,200 38,200 18,800 56,900 7,500 $239,800 Credit Accounts Allowance for Doubtful Accounts Accumulated Depreciation-Machinery Accumulated Depreciation-Buildings Accounts Payable Accrued Payables Long-Term Notes Payable Common Stock, no-par Retained Earnings $1,500 2,200 9,100 25,000 2,600 31,300 125,000 43,100 $269,300$239,800 $2,200 5,700 13,700 35,000 3,300 20,800 150,000 38,600 Additional data (ignoring taxes): 1. Net income for the year was $41,600 2. Cash dividends declared and paid during the year were 21,100 3. A 20% stock dividend was declared during the year-$25,000 of retained earnings was capitalized 4. Equity investments (level of ownership is less than 20%) that cost $24,900 were sold during the year for $28,700. No unrealized gains and losses were recorded on these investments in 2017. 5. Machinery that cost $3,700, on which $750 of depreciation had accumulated, was sold for $2,150