Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 26,445 $ 30,912 31,878 90,000 62,300 56,200 114,000 84,000 52,000 8,516 8,114 3,542 209,263 201,074 178,380 $448,224 $386,400 $322, 000 Liabilities and Equity Accounts payable Long-term notes payable secured $111,608 65,302 42,504 by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 84,266 88,87271,162 162,500 162,500 162,500 89,850 69,726 45, 834 $448,224 $386, 400 $322, 000 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets 26,445 $ 30,912 31,878 90,000 62,300 56,200 114,000 84,000 52,000 8,516 8,114 3,542 209,263 201,074 178,380 $448,224 $386,400 $322, 000 Liabilities and Equity Accounts payable Long-term notes payable secured $111,608 65,302 42,504 by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 84,266 88,87271,162 162,500 162,500 162,500 89,850 69,726 45, 834 $448,224 $386, 400 $322, 000 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit