The comparative balance sheets and income statement for Jordan Corporation follow: Balance Sheets As of December 31 2017 2016 Assets Cash $ 72,780 38,570 29,727 158,456 2,475 252,130 (148,310) (238,340) 193,140 21,800 174,300 4,950 288,290 Accounts receivable Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land 81,640 $ 560,398 371,210 Total assets Liabilities Accounts payable (inventory) Salaries payable Stockholders' equity 68,023 33,658 77,160 28,850 201,500 63,700 Common stock, $50 par value Retained earnings 250,500 208,217 $ 560,398 371,210 Total liabilities and equity Income Statement For the Year Ended December 31, 2017 $1,502,000 798,263 Sales Cost of goods sold Gross profit Operating expenses 703,737 Depreciation expense (20,630) (25,980) (252,700) 259,910) Rent expense Salaries expense other operating expenses $ 144,517 Net income Other Information 1. Purchased land for $111,500 2. Purchased new equipment for $96,400. 3. Sold old equipment that cost $132,560 with accumulated depreciation of $110,660 for $21,900 cash. 4. Issued common stock for $49,000 indicated by a minus sign.) JORDAN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Add: Increases in current assets and Decreases in current liabilities: Less: Increases in current assets and Decreases in current liabilities Plus: Noncash charges Cash flows from investing activities: Cash flows from financing activities Ending cash balance