Problem 5-7 Flint Inc. had the following balance sheet at December 31, 2016 FLINT INC. BALANCE SHEET DECEMBER 31, 2016 Cash Accounts receivable Investments Plant assets (net) Land 34,320 45,320 104,320 27,520 $211,480 $24,320 Accounts payable 25,520 Bonds payable 32,000 Common stock 85,320 Retained earnings 44,320 $211,480 During 2017, the following occurred 1. Flint liquidated its available-for-sale investment portfolio at a loss of $9,320 2. A tract of land was purchased for $42,320 3. An additional $30,000 in common stock was issued at par 4. Dividends totaling $14,320 were declared and paid to stockholders 5. Net income for 2017 was $39,320, including $16,320 in depreciation expense 6. Land was purchased through the issuance of $34,320 in additional bonds 7. At December 31, 2017, Cash was $74,520, Accounts Receivable was $46,320, and Accounts Payable was $44,320