The following balance sheets apply to Foster & Company at year-end December 31, 2017: Assets 2017 2016 Cash & Cash Equivalents $1,200 $800 Accounts Receivable 400 440 Inventory 1,220 740 Land 820 500 Equipment 4,600 4,140 Accumulated Depreciation (800) (620) Total Assets $7,440 $6,000 Labteckholders' Equity Account $1,000 $1,600 Long-Term Borrowings 1,440 1,800 Common Stock 2,000 1,200 Retained Earnings 3.000 1.400 $7,440 $6,000 Additional Information 1. Net Income for 2017 was $2,200. 2. During 2017, the Company sold Equipment for $740, that originally cost $740 and had a book value of $600 3. The Company sold Land for $400, resulting in a Loss of $80. The remaining Land change was dur to the acquisition of Land for Common Stock