The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017 cember 50,327 $ 9,836 27,318 21,418 Cash Accounts receivable Office supplies 4,389 3,156 Office equipment 132,282 140,9e5 Trucks Building Land Accounts payable 71,82 35,621 Note payable 2 of 3 51,764 60,764 0 172,558 0 43,06 Book 115,618 Pint rences 2. Compute net income for 2017 by comparing total equity amounts for these two years and using the following information: During 2017, the owner invested $33,000 additional cash in the business (in exchange for common stock) and the company paid $28,800 cash in dividends. S 202,803 33.000 28,800 264,603 Equity, December 31, 2016 Add Owner's investment Add Dividends Walberg Associates, antique dealers, purchased the contents of an estate for $39,200. Terms of the purchase were FOB shippir point, and the cost of transporting the goods to Walberg Associates's warehouse was $2,050. Walberg Associates insured the shipment at a cost of $320. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $660 Determine the cost of the inventory acquired from the estate. Cost of inventory (estate's contents) Total cost of inventory