The comparative statements of financial position of Mikos Inc. as at December 31, 2017 and 2018, and its statement of earnings for the year ended December 31, 2018, are presented below: MIKOS INC Comparative Statements of Financial Position December 31 2018 2017 Assets Cash Short-term investments Accounts receivable Inventories, at cost Prepaid expenses Land Property, plant, and equipment, net Intangible assets 5 10,200 S 18,200 30,800 41,200 8,400 76,000 284,800 185,000 25,200 30,400 65,400 74,000 56,400 5,200 49,800 5 571,000 $425,600 Liabilities and Shareholders' Equity Accounts payable Income tax payable Accrued liabilities Long-term notes payable Contributed capital Retained earnings 5 18,200 42,400 2,200 8,400 11,200 122,000 174,000 224,000 6,000 187,200 141,000 5 571,000 $425,600 MIKOS INC Statement of Earnings For the Year Ended December 31, 2018 5 886,000 Sales Cost of sales Amortization expense-intangible assets Depreciation expense-property, plant, and equipment Operating expenses Interest expense 5 442.000 5,200 34,200 233,000 13,200 727.600 Earnings before income taxes Income tax expense 158,400 47,520 Net earnings 5 110,880 Additional information is as follows: a. Land was sold for cash at its carrying amount. b. The short-term investments will mature in February 2019 c. Cash dividends were declared and paid in 2018. d. New equipment with a cost of $167,200 was purchased for cash, and old equipment was sold at its carrying amount. e. Long-term notes of $16,000 were paid in cash, and notes of S36,000 were converted to shares