Skysong Inc. had the following balance sheet at December 31, 2016 SKYSONG INC BALANCE SHEET DECEMBER 31, 2016 Cash Accounts receivable Investments Plant assets $33,660 24,860 Notes payable (long-term) 44,660 103,660 26,860 $208,840 $23,660 Accounts payable 35,660 Common stock 81,000 Retained earnings 43,660 net Land $208,840 During 2017, the following occurred 1. Skysong Inc. sold part of its investment portfolio for 17,179. This transaction resulted in a gain of5,579 for the firm. The company classifies its investments as available-for-sale. 2. A tract of land was purchased for $16,660 cash. 3. Long-term notes payable in the amount of $18,179 were retired before maturity by paying $18,179 cash 4. An additional $22,179 in common stock was issued at par 5. Dividends of $10,379 were declared and paid to stockholders 6. Net income for 2017 was $35,660 after allowing for depreciation of $13,179 7. Land was purchased through the issuance of $38,660 in bonds 8. At December 31, 2017, Cash was $40,660, Accounts Receivable was $45,260, and Accounts Payable remained at $33,660