VELO COMPANY Balance Sheets Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2017 72,600 86,100 169,800 72,600 260,100 2016 33,300 71,200 187,400 101,500 199,700 (65,500 (33,600) Total Liabilities and Stockholders' Equi Accounts payable Bonds payable Common stock ($1 par) Retained earnings $595,700 $559,500 148,200 217,000 195,400 $595,700 35,100 47,300 203,700 174,900 133,600 $559,500 Total Additional information: 1. Net income for 2017 was $101,600 2. Cash dividends of $39,800 were declared and paid 3. Bonds payable amounting to $55,500 were redeemed for cash $55,500 4. Common stock was issued for $42,100 cash 5. No equipment was sold during 2017, but land was sold at cost