The balance sheet data of Sheridan Company at the end of 2018 and 2017 follow: 2018 2017 $101000 Cash $140000 Accounts receivable (net) 240000 179000 Inventory 279000 180000 Prepaid expenses 41000 110000 Buildings and equipment 359000 299000 Accumulated depreciation-buildings and equipment (31000) (71000) Land 359000 161000 $1038000 Totals $1308000 Accounts payable $271000 $219000 Accrued expenses 49000 70000 Notes payable-bank, long-term 162000 Mortgage payable 122000 Common stock, $10 par 834000 649000 Retained earnings (deficit) (62000) 32000 $1038000 $1308000 Land was acquired for $198000 in exchange for common stock, par $185000, during the year; all equipment purchased was for cash. Equipment costing $23000 was sold for $8000; book value of the equipment was $15000 and the loss was reported as an ordinary item in net income. Cash dividends of $30000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2018, for Sheridan Company