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 $12,500 6,250 15,000 25,000 $ 58,750 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 12,500 6,250 25,000 15,000 $ 58,750 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 $19,500 4,500 4,500 1,500 750 Net Income $ 8,250 Additional data Sales were $19,500; $12,000 in cash was received from customers Bought new land for cash, $15,000. Sold other land for its book value of $7,500. Paid $1,500 principal on the long-term note payable and $1,500 in interest. Issued new shares of stock for $15,000 cash Cash dividends of $2,000 were declared and paid to stockholders Paid $8,500 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