Problem 5-6 Sandhill Inc. had the following balance sheet at December 31, 2016 SANDHILL INC. BALANCE SHEET DECEMBER 31, 2016 Cash Accounts receivable Investments Plant assets (net) Land $33,250 44,250 103,250 26,450 $207,200 $23,250 Accounts payable 24,450 Notes payable(ng-term) 35,250 Common stock 81,000 Retained earnings 43,250 $207,200 During 2017, the following occurred Sandhill Inc. sold part of its investment portfolio for $16,367. This transaction resulted in a gain of $4,767 for the firm. The company classifies its investments as available-for- sale 1. 2. A tract of land was purchased for $16,250 cash 3. Long-term notes payable in the amount of $17,367 were retired before maturity by paying $17,367 cash 4. An additional $21,367 in common stock was issued at par. 5. Dividends of $9,567 were declared and paid to stockholders. 6. Net income for 2017 was $35,250 after allowing for depreciation of $12,367 7. Land was purchased through the issuance of $38,250 in bonds 8. At December 31, 2017, Cash was $40,250, Accounts Receivable was $44,850, and Accounts Payable remained at $33,250 Activar Windows