Problem 5-6 (Part Level Submission) Sheridan Inc. had the following balance sheet at December 31, 2016. SHERIDAN INC. BALANCE SHEET DECEMBER 31, 2016 $35,480 46,480 105,480 28,680 $216,120 $25,480 Accounts payable Cash Accounts receivable Investments Plant assets (net) Land 26,680 Notes payable (long-term) 37,480 Common stock 81,000 Retained earnings 45,480 $216,120 During 2017, the following occurred. 1. Sheridan Inc. sold part of its investment portfolio for $19,291. This transaction resulted in a gain of $7,691 for the firm. The company classifies its investments as availables 2. A tract of land was purchased for $18,480 cash. for-sale 3. Long-term notes payable in the amount of $20,291 were retired before maturity by paying $20,291 cash. 4. An additional $24,291 in common stock was issued at par. 5. Dividends of $12,491 were declared and paid to stockholders 6. Net income for 2017 was $37.480 after allowing for depreciation of $15.291. 7. 8. Land was purchased through the issuance of $40,480 in bonds. At December 31, 2017, Cash was $42,480, Accounts Receivable was $47,080, and Accounts Payable remained at $35,480