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Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 in 000s) 2016 2015 Assets 540 225 Cash Accounts receivable 630 330 780 420 nventory Land 550 540 700 700 Building Less: Accumulated depreciation 300) 280) Equipment 3,200 2,990 Less: Accumulated depreciation 439) 400) Patent 1,400 1,500 7,061 6,025 Liabilities Accounts payable 880 630 Accrued expenses payable 290 240 Lease liability-land 150 Shareholders' Equity Common stock 3.600 3,500 Paid-in capital excess of par 550 430 Retained earnings 591 1,225 7,061 6,025 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2016 in 000s) Revenues $3,078 Sales revenue 60 $3,138 Gain on sale of land Expenses 1,080 Cost of goods sold Depreciation expense building 20 Depreciation expense equipment 552 Loss on sale of equipment 25 Amortization of patent 100 400 2,177 Operating expenses Net income 961 Additional information from the accounting records. a. During 2016, equipment with a cost of $570,000 (90% depreciated) was sold. b. The statement of shareholders' equity reveals reductions of $220.000 and $375,000 for stock dividends and cash dividends, respectively