The comparative balance sheets for Splish Brothers Inc. as of December 31 are presented below Splish Brothers Inc. Comparative Balance Sheets December 31 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment(48,510) Total 2017 $73,304 $48,510 53,900 62,524 163,263 153,076 16,472 22,638 156,310 140,140 215,600 215,600 (64,680) (43,120) 242,550 167,090 (37,730) $808,209 $728,728 Liabilities and Stockholders' Equi Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $48,219 38,808 323,400 323,400 215,600 172,480 220,990 194,040 $808,209 $728,728 Additional information: 1. Operating expenses include depreciation expense of $45,276 2. Land was sold for cash at book value 3. Cash dividends of $12,936 were paid 4. Net income for 2017 was $39,886 5. Equipment was purchased for $99,176 cash. In addition, equipment costing $23,716 with a book value of $10,780 was sold for $8,624 cash 6. 43,120 shares of $1 par value common stock were issued in exchange for land with a fair value of $43,120