The Extra Surplus Company's Balance Sheet for December 31, 2015 and the Income Statement for 2016 are shown below Extra Surplus Company Balance Sheet December 31, 2015 Assets Cash Accounts Receivable Inventory Property and Equipment, Net $ 12,000 6,000 14,400 24,000 $ 56,400 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 12,000 6,000 24,000 14,400 $ 56,400 Extra Surplus Company Income Statement For the Year Ended December 31, 2016 Sales Cost of Goods Sold Salaries and Wage Expense Interest Expense Other Expenses $ 18,200 4,200 4,200 1,400 700 Net Income $ 7,700