The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. ROTHLISBERGER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 2017 2016 81,000 $45,000 62,000 142,000 21,000 41,000 151,450 15,280 105,000 200,000 200,000 (60,000) (40,000) 221,000 155,000 45,000)(35,000) 130,000 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings $709,730 $680,000 $47,730 $40,000 260,000 300,000 200,000 160,000 180,000 $709,730 $680,000 202,000 Total Additional information: 1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720. 2. Land was sold for cash at book value. 3. Cash dividends of $20,000 were paid. 4. Net income for 2017 was $42,000. Equipment was purchased for $88,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash. Bonds were converted at face value by issuing 40,000 shares of $1 par value common stock 5. 6