Sales Weaver Company Income Statement For This Year Ended December 31 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $755 446 309 222 87 $ 7 (3) 4 91 24 $ 67 During this year, Weaver sold some equipment for $18 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds. Comparative financial statements for Weaver Company follow: Weaver Company at December 31 Comparative Balance Sheet This Last Year Year Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments $ 10 $ 13 295 230 158 195 9 6 472 444 507 428 (82) (71) 425 357 26 32 Total assets $ 923 $833 Liabilities and Stockholders' Equity Accounts payable $ 302 $225 Accrued liabilities 71 79 Income taxes payable 73 64 Total current liabilities 446 368 Bonds payable 197 172 Total liabilities 643 540 Common stock 160 200 Retained earnings 120 93 Total stockholders' equity 280 293 Total liabilities and stockholders' equity $ 923 $833