Question 1 Bramble Corporation's balance sheet at the end of 2016 included the following items Current liabilities Current assets (Cash $82,000) $236,320 Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents $151,320 101,320 181,520 91,520 Retained earnings 45,520 $479,680 31,520 Bonds payable 121,320 Common stock (31,320) Total (11,000 ) 41,320 Total $479,680 The following information is available for 2017. 1. Net income was $53,040 2. Equipment (cost $21,320 and accumulated depreciation $9,320) was sold for $11,320 3. Depreciation expense was $5,320 on the building and $10,320 on equipment. 4. Patent amortization was $2,500 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,320 6. An addition to the building was completed at a cost of $28,320 7. A long-term investment (Equity) in stock was purchased for $16,000 8. Bonds payable of $51,520 were issued 9. Cash dividends of $30,000 were declared and paid 10. Treasury stock was purchased at a cost of $11,000