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 $17,000 8,500 20,400 34,000 $79,900 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $17,000 8,500 34,000 20,400 $ 79,900 Extra Surplus Company Income Statement For the Year Ended December 31, 2016 Sales Cost of Goods Sold Salaries and Wage Expense Interest Expense Other Expense $ 31,200 7,200 7,200 2,400 1,200 Net Income $13,200 Additional data Sales were $31,200; $19,200 in cash was received from customers Bought new land for cash, $24,000 Sold other land for its book value of $12,000 Paid $2,400 principal on the long-term note payable and $2,400 in interest. Issued new shares of stock for $24,000 cash Cash dividends of $3,800 were declared and paid to stockholders Paid $13,900 on accounts payable No inventory purchases were made; other expenses were incurred on account. All wages were paid in cash Other expenses were on account