Required information The following information applies to the questions displayed belowJ Simon Company's year-end balance sheets follow At December 31 Assets $35,393 41,371 $ 43,095 62,000 82,500 10,860 325,633 as Accounts receivable, net 89,200 112,500 11,398 357,451 56,700 58,000 4,788 277,117 $ 439,700 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable $ 605,942 $ 522,364 $149,371 87,397 $ 57,460 Long-term notes payable secured by mortgages on plant assets Corrmon stock, $10 par value Retained earnings Total liabilities and equity 112,778 162,500 81.293 153,525123,33 118,942 96,202 162,500 162,500 123.538 605,942 $ 522,364 439,700 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income 2017 2016 $787,725 $621,613 $480,512 244,195 13,391 10,240 $ 404,048 157,268 14,297 9,324 748,338 $39,387 2.42 584,937 $36,676 2.26 Earnings per share