The comparative balance sheets and income statement for Walton Company follow: Balance Sheets As of December 31 2017 2016 Assets Cash $ 23,783 1,932 6,260 22,908 (8,765) 21,074 $ 67,192 $ 2,565 1,159 5,869 44,558 (15,840) 11,944 $ 50,255 Accounts receivable Inventory Equipment Accumulated depreciation- Equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings Total liabilities and equity $2,668 2,647 22,500 39,377 $ 67,192 4,310 6,051 10,00 29,894 ces $ 50,255 Income Statement For the Year Ended Decenber 31, 2017 $ 36,640 (14,523) 22,117 13,531), 18,586 450 Sales revenue Cost of goods sold Gross margin Depreciation expense Operating income Gain on sale of equipment Loss on disposal of land (70) $ 18,966 Net income Additional Data 1. During 2017, the company sold equipment for $18,744; it had originally cost $28,900. Accumulated depreciation on this equipment was $10,606 at the time of the sale. Also, the company purchased equipment for $7,250 cash. 2. The company sold land that had cost $3,370. This land was sold for $3,300, resulting in the recognition of a $70 loss. Also, common stock was issued in exchange for title to land that was valued at $12,500 at the time of exchange. 3. Paid dividends of $9,483. WALTON COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Less: Increase/Decrease in current assets and current liabilities: Plus: Noncash charges Cash flows from investing activities: Cash flows from financing activities: Ending cash balance Ending cash balance Schedule of noncash investing and financing activities