SPICER COMPANY Comparative Balance Sheets December 31 ALetS &2 m Cash $ 68,000 $ 45,000 Accounts receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses 15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000 Accumulated depreciationbuildings (60,000) (40,000) Equipment 225,000 155,000 Accumulated depreciationequipment (45,M) (35m) Total $749,730 $676,000 Liabilities and Stockholders' Equity Accounts payable $ 44,730 $ 36,000 Bonds payable 300,000 300,000 Common stock, $1 par 200,000 160,000 Retained earnings @5 IiiQM Total $749,730 $676,000 Additional information: 1. Operating expenses include depreciation expense of $42,000. Land was sold for cash at book value. Cash dividends of $12,000 were paid. Net income for 2017 was $37,000. SH'F'WP Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash. 0' . 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000