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 $ 15,500 7,750 18,600 31,000 $ 72,850 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 15,500 7,750 31,000 18,600 $ 72,850 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 $ 27,300 6,300 6,300 2,100 1,050 Net Income $11,550 Additional data Sales were $27,300; $16,800 in cash was received from customers. Bought new land for cash, $21,000. Sold other land for its book value of $10,500 Paid $2,100 principal on the long-term note payable and $2,100 in interest. Issued new shares of stock for $21,000 cash. Cash dividends of $3,200 were declared and paid to stockholders. Paid $12,100 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