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 $ 13,500 6,750 16,200 27,000 $ 63,450 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 13,500 6,750 27,000 16,200 $ 63,450 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 $22,100 5,100 5,100 1,700 850 Net Income $ 9,350 Additional data Sales were $22,100; $13,600 in cash was received from customers Bought new land for cash, $17,000 Sold other land for its book value of $8,500 Paid $1,700 principal on the long-term note payable and $1,700 in interest. Issued new shares of stock for $17,000 cash Cash dividends of $2,400 were declared and paid to stockholders Paid $9,700 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