Robust Corporation prepared the following Income Statement and Statement of Financial Position at its year end. During the year the company sold a building for proceeds of $28000. The company also paid a cash dividend

Income Statement Reve nue Cost of goods sold Gross profit Expenses Salary expe nse Otheroperating expense 5 Depreciation Re nt Utilities Gain on sale of building Netloss 2017 9CD,CDU 350,370 540,370 155,000 175,000 142,000 52,000 24.000 (5.000) 553,000 (13,000} Statement of Financial Position Statement of Financi al Position 2017 2016 Current assets Cash 182, 742 Accounts receivable 169,700 82,473 inventory 286,499 156,018 Prepaid rent 8: utilities 6,3)0 8,400 Total current assets 462,999 429,633 Building 232,000 271, 500 Less: accumulated dep. (200,700) (117,200) 31,300 154,300 Equipment 108,000 81,280 Less: accumulated dep. (64,3)0) (22,EDO) 43,200 58,480 Trademarks 120,000 90,(D0 Goodwill 96,000 96,0)0 Total assets 753,499 828,413 2017 2016 Current liabilities Line of credit 5,139 7 Accounts payable 14,850 72,250 Accrued liabilities 49,410 38,363 Salari es payable 12,100 17,800 Total current liabilities 81,499 128,413 Bonds payable 215,000 175,000 Total liabilities 296,499 303,413 shareholder's equity Common shares 290,000 290,000 Retained earnings 167,000 235,000 Total shareholder's equity 457,000 525,000 Total liabilities 82 sh arehold: 753,499 828,413