The comparative balance sheets of Sheffield Inc. at the beginning and the end of the year 2017 are as follows. SHEFFIELD INC. BALANCE SHEETS Dec. 31, 2017 Jan. 1, 2017Inc./Dec. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment $46,500 94,140 42,140 20,140 $162,640 $14,500 $32,000 Inc. 89,640 4,500 Inc. 23,64018,500 Inc. 11,000 9,140 Inc. Total $116,780 Accounts payable Common stock Retained earnings $23,140 101,500 38,000 $162,640 $ 16,640 81,640 18,500 $116,780 6,500 Inc. 19,860 Inc. 19,500 Inc. Total Net income of $47,140 was reported, and dividends of $27,640 were paid in 2017. New equipment was purchased and none was sold