The comparative balance sheets for Crane Company as of December 31 are presented below Crane Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Tota 2017 2016 $66,870 86,188 211,012 31,206 193,180 297,200 (59,440) 230,330 (52,010) $101,048 74,300 225,055 22,706 215,470 297,200 (89,160) 334,350 (66,870) $1,114,099 $1,004,536 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $66,469 445,800 297,200 304,630 $1,114,099 $53,496 445,800 237,760 267,480 $1,004,536 Additional information 1. Operating expenses include depreciation expense of $62,412. 2. Land was sold for cash at book value. 3. Cash dividends of $17,832 were paid 4. Net income for 2017 was $54,982 5. Equipment was purchased for $136,712 cash. In addition, equipment costing $32,692 with a book value of $14,860 was sold for $11,888 cash. 6, 59,440 shares of $1 par value common stock were issued in exchange for land with a fair value of $59,440