The comparative balance sheets and income statement for Walton Company follow: Balance Sheets As of December 31 2017 2016 Assets Cash $ 24,887 $ 2,567 Accounts receivable 1,745 1,047 Inventory 6,512 6,105 Equipment 18,682 42,332 Accumulated depreciation Equipment (10,027 ) (18,914 ) Land 16,440 10,630 Total assets $ 58,239 $ 43,767 Liabilities and equity Accounts payable (inventory) $ 2,702 $ 4,365 Long-term debt 3,002 6,861 Common stock 18,600 8,500 Retained earnings 33,935 24,041 Total liabilities and equity $ 58,239 $ 43,767 Income Statement For the Year Ended December 31, 2017 Sales revenue $ 37,340 Cost of goods sold (14,800 ) Gross margin 22,540 Depreciation expense (3,362 ) Operating income 19,178 Gain on sale of equipment 700 Loss on disposal of land (90 ) Net income $ 19,788

Additional Data

1. During 2017, the company sold equipment for $18,951; it had originally cost $30,500. Accumulated depreciation on this equipment was $12,249 at the time of the sale. Also, the company purchased equipment for $6,850 cash.

2. The company sold land that had cost $4,290. This land was sold for $4,200, resulting in the recognition of a $90 loss. Also, common stock was issued in exchange for title to land that was valued at $10,100 at the time of exchange.

3. Paid dividends of $9,894.

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
Schedule of noncash investing and financing activities: